MOL Hungarian Oil and Gas Public Limited Company Annual report ...

MOL Hungarian Oil and Gas Public Limited CompanyAnnual report31 December 2012

This is a translation of the Hungarian ReportTo the Shareholders of MOL Hungarian Oil and Gas Plc.Independent Auditors' ReportReport on financial statements1.) We have audited the accompanying 2012 annual financial statements of MOL Hungarian Oil and Gas Plc. (“the Company”),which comprise the balance sheet as at 31 December 2012 - showing a balance sheet total of HUF 3,033,242 million and a profitfor the year of HUF 55,241 million -, the related profit and loss account for the year then ended and a summary of significantaccounting policies and other explanatory information.Management’s responsibility for the financial statements2.) Management is responsible for the preparation and presentation of financial statements that give a true and fair view inaccordance with the Hungarian Accounting Law, and for such internal control as management determines is necessary to enablethe preparation of financial statements that are free from material misstatement, whether due to fraud or error.Auditors’ responsibility3.) Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit inaccordance with Hungarian National Auditing Standards and with applicable laws and regulations in Hungary. Those standardsrequire that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.4.) An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of materialmisstatement of the financial statements, whether due to fraud or error. In making those risk assessments the auditor considersinternal control relevant to the entity’s preparation of financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of theentity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financialstatements.5.) We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.Opinion6.) In our opinion the annual financial statements give a true and fair view of the equity and financial position of MOL HungarianOil and Gas Plc. as at 31 December 2012 and of the results of its operations for the year then ended in accordance with theHungarian Accounting Law.Emphasis of matter7.) We draw attention to note Note 3.4.6 in the supplementary notes to the financial statements describing that the Companydeparted from § 41. (1) of the 2000. C. accounting law based on its allowance described in § 4. (4) in order to harmonise fieldabandonment provisioning with the international industry practice. Our opinion is not modified in respect of this matter.Other matters8.) This independent auditor’s report has been issued for consideration by the forthcoming shareholders’ meeting for decisionmaking purposes and, as such, does not reflect the impact, if any, of the resolutions to be adopted at that meeting.Other reporting requirement- Report on the business report9.) We have reviewed the business report of MOL Hungarian Oil and Gas Plc. for 2012. Management is responsible for thepreparation of the business report in accordance with the Hungarian Accounting Law. Our responsibility is to assess whether thebusiness report is consistent with the financial statements for the same financial year. Our work regarding the business reporthas been restricted to assessing whether the business report is consistent with the financial statements and did not includereviewing other information originated from non-audited financial records. In our opinion, the business report of MOL HungarianOil and Gas Plc. for 2012 corresponds to the disclosures in the 2012 financial statements of MOL Hungarian Oil and Gas Plc.Budapest, 21 March 2013(The original Hungarian language version has been signed)Szilágyi JuditBartha ZsuzsannaErnst & Young Kft.Registered auditorRegistration No. 001165 Chamber membership No.: 005268

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYBalance sheet for the year ending on 31 December 2012Statistical code: 10625790-1920-114-01Company registration number: 01-10-041683data in HUF millionAdjustmentsPreviousCodeDescriptionfor previous Current yearyearyearsA. NON-CURRENT ASSETS 2,165,427 131 2,231,013I. INTANGIBLE ASSETS 27,456 282 29,9821. Capitalised cost of foundation and restructuring 0 0 7242. Capitalised research and development cost 2,412 0 3,2233. Property rights 8,677 551 10,7494. Intellectual property 4,395 (269) 2,0895. Goodwill 11,972 0 13,1976. Advances on intellectual property 0 0 07. Revaluation of intangible assets 0 0 0II. PROPERTY, PLANT AND EQUIPMENT 300,240 (151) 286,4481. Land and building and related property rights 177,502 287 165,2722. Plant, machinery and vehicles 72,048 120 71,9353. Other equipment, fixtures and vehicles 5,389 120 5,0874. Livestock 0 0 05. Assets under construction 45,228 (678) 44,1546. Advances on assets under construction 73 0 07. Revaluation of property, plant and equipment 0 0 0III. NON-CURRENT FINANCIAL INVESTMENTS 1,837,731 0 1,914,5831. Long-term investments 1,230,640 0 1,434,3742. Long-term loans to related parties 466,409 0 349,9113. Other long-term investments 125,449 0 119,7454. Long-term loans to other investments 15,226 0 10,5525. Other long-term loans 7 0 16. Long-term debt securities 0 0 07. Revaluation of financial investments 0 0 08. Fair valuation difference of financial investments 0 0 0Budapest, March 21, 2013József Molnár József Simola Krisztina DorogháziChief Executive Officer MOL Group ExecutiveVice President forFinanceMOL Hungary FinancialDirector

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYBalance sheet for the year ending on 31 December 2012Statistical code: 10625790-1920-114-01Company registration number: 01-10-041683data in HUF millionAdjustmentsCode Description Previous year for previous Current yearyearsD. SHAREHOLDERS’ EQUITY 1,847,096 287 1,899,512I. SHARE CAPITAL 104,519 0 104,519Of which: treasury shares at nominal value 5,794 0 5,148II. REGISTERED BUT UNPAID CAPITAL (-) 0 0 0III. SHARE PREMIUM 223,866 0 223,866IV. RETAINED EARNINGS 1,306,962 0 1,414,526V. TIED-UP RESERVE 104,387 0 98,222VI. VALUATION RESERVE 2,470 0 3,1381. Revaluation adjustment reserve 0 0 02. Fair valuation reserve 2,470 0 3,138VII. NET INCOME FOR THE PERIOD 104,892 287 55,241E. PROVISIONS 143,941 0 144,6461. Provisions for expected liabilities 143,941 0 144,6462. Provisions for future expenses 0 0 03. Other provisions 0 0 0F. LIABILITIES 1,155,356 (38) 966,402I. SUBORDINATED LIABILITIES 0 0 01. Subordinated liabilities to related parties 0 0 02. Subordinated liabilities to other investment 0 0 03. Subordinated liabilities to third parties 0 0 0II. LONG-TERM LIABILITIES 612,516 0 641,1851. Long-term loans 0 0 02. Convertible bonds 0 0 03. Liability from bond issue 477,695 0 447,9354.Liabilities from capital investment and developmentloans0 0 05. Liabilities from other long-term loans 134,351 0 84,1396. Long-term liabilities to related parties 1 0 108,8097. Long-term liabilities to other investments 0 0 08. Other long-term liabilities 469 0 302Budapest, March 21, 2013József Molnár József Simola Krisztina DorogháziChief Executive Officer MOL Group ExecutiveVice President forFinanceMOL Hungary FinancialDirector

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYBalance sheet for the year ending on 31 December 2012Statistical code: 10625790-1920-114-01Company registration number: 01-10-041683data in HUF millionAdjustmentsCode Description Previous year for previous Current yearyearsIII. SHORT-TERM LIABILITIES 542,840 (38) 325,2171. Short-term borrowings 5,051 0 0Of which: convertible bonds 0 0 02. Short-term loans 71,784 0 30,2413. Advances from customers 810 0 4294.Liabilities from the supply of goods and services(suppliers)138,276 105 106,3245. Bills of exchange 0 0 06. Short-term liabilities to related parties 125,011 134 78,3277. Short-term liabilities to other investments 27 0 48. Other short-term liabilities 113,907 (277) 57,5499. Fair valuation difference of liabilities 0 0 010.Negative valuation difference of derivativetransactions87,974 0 52,343G. ACCRUALS 22,084 20 22,6821. Deferred revenues 274 0 4722. Accrued cost and expenses 18,215 20 19,3063. Other deferred income 3,595 0 2,904TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 3,168,477 269 3,033,242Budapest, March 21, 2013József Molnár József Simola Krisztina DorogháziChief Executive Officer MOL Group ExecutiveVice President forFinanceMOL Hungary FinancialDirector

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYIncome Statement for the year ending on 31 December 2012Statistical code: 10625790-1920-114-01Company registration number: 01-10-041683data in HUF millionAdjustmentsCode Description Previous year for previous Current yearyears01. Net domestic sales revenue 1,890,167 113 1,920,26002. Net export sales revenue 550,081 77 609,259I. NET SALES REVENUES 2,440,248 190 2,529,51903. Changes in own produced inventory 25,129 0 (16,643)04. Work performed by the enterprise and capitalised 10,473 305 9,356II. CAPITALISED OWN PERFORMANCE 35,602 305 (7,287)III. OTHER OPERATING INCOME 114,785 73 29,418of which: reversed impairment 0 0 105. Raw material costs 1,371,064 669 1,417,85206. Value of services used 90,754 (171) 92,56607. Other services 214,539 16 199,61208. Cost of goods sold 187,026 (5) 205,84109. Value of services sold (intermediated) 15,700 0 5,132IV. MATERIAL EXPENSES 1,879,083 509 1,921,00310. Wages and salaries 37,055 0 39,81611. Other personnel expenses 6,094 107 5,97612. Tax and contributions 11,157 2 12,468V. PERSONNEL EXPENSES 54,306 109 58,260VI. DEPRECIATION 51,019 662 49,555VII. OTHER OPERATING EXPENSES 450,756 (147) 413,076of which: impairment 6,306 0 3,186A. PROFIT OR LOSS FROM OPERATING ACTIVITIES 155,471 (565) 109,756Budapest, March 21, 2013József Molnár József Simola Krisztina DorogháziChief Executive Officer MOL Group ExecutiveVice President forFinanceMOL Hungary FinancialDirector

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYIncome Statement for the year ending on 31 December 2012Statistical code: 10625790-1920-114-01Company registration number: 01-10-041683data in HUF millionCode Description Previous yearAdjustmentsfor previousCurrent year13. Received (due) dividend 94,322 0 56,791of which: received from related parties 92,539 0 54,32614. Gain from the sale of investments 623 0 1,50915.16.of which: received from related parties 623 0 0Interest and exchange rate gains on financialinvestments29,868 0 27,355of which: received from related parties 29,860 0 27,346Other received (due) interest and interest-typerevenues7,739 0 7,173of which: received from related parties 1,002 0 2,31917. Other revenues of financial transactions 266,761 (46) 137,398of which: fair valuation difference 29,595 0 49,056VIII. TOTAL FINANCIAL INCOME 399,313 (46) 230,22618. Exchange rate loss on financial investments 0 0 4,866of which: to related parties 0 0 019. Interest and interest-type expenses 28,167 0 28,190of which: to related parties 694 0 2,92120. Impairment on investments, securities, bank deposits 99,806 0 20,64621. Other financial expenses 295,402 (63) 222,493of which: fair valuation difference 170,760 0 58,268IX. TOTAL FINANCIAL EXPENSES 423,375 (63) 276,195B. FINANCIAL PROFIT OR LOSS (24,062) 17 (45,969)C. ORDINARY BUSINESS PROFIT 131,409 (548) 63,787X. Extraordinary revenues 142,688 0 1,596XI. Extraordinary expenses 123,382 0 4,125D. EXTRAORDINARY PROFIT OR LOSS 19,306 0 (2,529)E. PROFIT BEFORE TAXATION 150,715 (548) 61,258XII. Income tax 823 (835) 6,017F. PROFIT AFTER TAXATION 149,892 287 55,24122. Use of retained earnings for dividend 0 0 023. Approved dividend and profit share 45,000 0 0G. NET INCOME FOR THE PERIOD 104,892 287 55,241Budapest, March 21, 2013József Molnár József Simola Krisztina DorogháziChief Executive Officer MOL Group ExecutiveVice President forFinanceMOL Hungary FinancialDirector

Statistical code: 10625790-1920-114-01Company registration number: 01-10-041683MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANY1117 Budapest, Október huszonharmadika u. 18.2012Supplementary Notes(without dividend)József Molnár József Simola Krisztina DorogháziChief ExecutiveOfficerMOL Group ExecutiveVice President forFinanceMOL HungaryFinancial DirectorBudapest, March 21, 2013

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012TABLE OF CONTENTS1. GENERAL INFORMATION .......................................................................................................................... 122. OWNERSHIP STRUCTURE ......................................................................................................................... 133. IMPORTANT ELEMENTS OF MOL PLC’S ACCOUNTING POLICY .......................................................... 15103.1. Method of bookkeeping, report format ........................................................................................................... 153.2. Method and time schedule for report preparation......................................................................................... 153.3. The form of Balance Sheet and the Income Statement................................................................................. 153.4. Valuation methods and procedures used in the preparation of annual report .......................................... 153.4.1. Changes in the Accounting Policy ................................................................................................................. 153.4.2. Valuation methods applied .............................................................................................................................. 163.4.3. Depreciation policy .......................................................................................................................................... 213.4.4. Rules for provisions ......................................................................................................................................... 233.4.5. Classification of errors for previous years .................................................................................................... 243.4.6. Application of Article 4 section (4) of the Accounting Act in the Company’s financial statements for year2012 .................................................................................................................................................................... 244. THE TRUE AND FAIR VIEW OF THE COMPANY’S FINANCIAL AND EARNINGS POSITION ................ 254.1 Company’s assets ............................................................................................................................................ 254.1.1. Changes in the Company’s assets ................................................................................................................. 254.1.2. Capital structure ............................................................................................................................................... 254.1.3. Current assets .................................................................................................................................................. 264.2. Financial position ............................................................................................................................................. 264.3. Return and performance indicators ................................................................................................................ 274.3.1. Revenues ........................................................................................................................................................... 274.3.2. Costs, expenditures compared to revenue .................................................................................................... 284.4. Return and performance indicators ................................................................................................................ 285. CASH FLOW STATEMENT ......................................................................................................................... 306. INTANGIBLE ASSETS ................................................................................................................................. 317. PROPERTY, PLANT AND EQUIPMENT ..................................................................................................... 338. DEPRECIATION ........................................................................................................................................... 359. REVISION OF ESTIMATED USEFUL LIFE OF INTANGIBLE ASSETS AND PROPERTY, PLANT ANDEQUIPMENT ................................................................................................................................................. 3610. PROPERTY, PLANT AND EQUIPMENT USED FOR ENVIRONMENTAL PROTECTION ......................... 3611. RESEARCH AND DEVELOPMENT ............................................................................................................. 3712. HAZARDOUS WASTE AND ENVIRONMENTALLY HARMFUL SUBSTANCES (NOT AUDITED) ........... 3713. LONG-TERM INVESTMENTS ...................................................................................................................... 3813.1. MOL Plc.’s subsidiaries, classified as long-term investments .................................................................... 3813.2. MOL Plc.’s joint venture, classified as long-term investment ...................................................................... 4213.3. MOL Plc.’s associated companies, classified as long-term investments ................................................... 4313.4. Shareholders’ equity of MOL Plc.’s subsidiaries and certain key investments ......................................... 4313.5. MOL Plc.’s other investments, classified as long-term investments .......................................................... 4513.6. Impairment of long-term investments and its reversal ................................................................................. 4614. DETAILS OF LONG-TERM LOANS TO RELATED PARTIES AND OTHER INVESTMENTS ................... 4715. IMPAIRMENT ON LONG-TERM LOANS ..................................................................................................... 47

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 201216. NON-CURRENT ASSETS DISPOSABLE WITHIN A YEAR, RECLASSIFIED TO INVENTORIES ............ 4817. WRITE OFF OF INVENTORIES ................................................................................................................... 4818. RECEIVABLES FROM RELATED PARTIES ............................................................................................... 4819. OTHER RECEIVABLES ............................................................................................................................... 4920. VALUATION OF RECEIVABLES ................................................................................................................. 4921. SHORT-TERM INVESTMENTS .................................................................................................................... 5021.1. Investment to be sold, liquidated or wound up, classified as short-term investments ............................. 5021.2. Impairment and reversal of impairment on short-term investments ........................................................... 5122. CHANGES OF TREASURY SHARES IN THE CURRENT YEAR ............................................................... 5123. PREPAYMENTS, ACCRUALS ..................................................................................................................... 5224. CHANGES IN EQUITY ................................................................................................................................. 5325. BREAKDOWN OF THE TIED UP RESERVE ............................................................................................... 5326. PROVISIONS ................................................................................................................................................ 5427. LONG-TERM LIABILITIES ........................................................................................................................... 5528. LIABILITIES, WHERE THE REPAYABLE AMOUNT EXCEEDS THE AMOUNT RECEIVED .................... 5529. SHORT-TERM LOANS, CREDITS ............................................................................................................... 5630. BREAKDOWN OF SHORT-TERM LIABILITIES TO RELATED PARTIES ................................................. 5631. OTHER SHORT-TERM LIABILITIES ........................................................................................................... 5632. NET SALES REVENUES BY MARKET SEGMENTS .................................................................................. 5733. NET SALES REVENUES BY CORE ACTIVITIES ....................................................................................... 5734. IMPORT PURCHASE BY MARKET SEGMENT .......................................................................................... 5735. OTHER OPERATING INCOME AND EXPENSES ....................................................................................... 5836. OTHER FINANCIAL INCOME AND EXPENSES ......................................................................................... 5937. EXTRAORDINARY REVENUES AND EXPENSES ..................................................................................... 6038. GRANT RECEIVED FOR DEVELOPMENT PURPOSES ............................................................................ 6139. REVENUES FROM RELATED PARTIES .................................................................................................... 6140. PERMANENT ESTABLISHMENT ABROAD ............................................................................................... 6141. TAX LIABILITIES ......................................................................................................................................... 6242. MATERIAL ERRORS OF THE PREVIOUS YEARS AND THEIR IMPACT ................................................. 6343. EMPLOYEES ................................................................................................................................................ 6544. BOARD OF DIRECTORS, SUPERVISORY BOARD AND TOP MANAGEMENT ....................................... 6545. COMMITMENTS AND CONTINGENT LIABILITIES .................................................................................... 6646. EFFECT OF FAIR VALUATION ................................................................................................................... 6747. MOL PLC.'S SECURITIES OFFERED AS SECURITY DEPOSIT ON 31 DECEMBER 2012 ...................... 6948. EVENTS AFTER THE PREPARATION OF BALANCE SHEET .................................................................. 6949. LICENSED ELECTRICITY TRADING ACTIVITY (NOT AUDITED) ............................................................. 7011

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 20121. General InformationMOL Hungarian Oil and Gas Public Limited Company (hereinafter referred to as MOL Plc., MOL or the Company)was incorporated on 1 October 1991 as a result of the merger of nine oil and gas companies of Országos KőolajésGázipari Tröszt (National Oil and Gas Trust, Hungarian abbreviation OKGT) owned by the Hungarian State.The registered office of the Company is in Hungary, Budapest (1117 Október huszonharmadika u. 18.); its internethomepage is http://www.mol.hu.The shares of the Company are listed on the Budapest and the Warsaw Stock Exchange. The Company’s receipts(DRs) are listed on the Luxembourg Stock Exchange and are quoted on the online stock trading and theInternational Order Book in London and Pink Sheet OTC market in New York.The core activities of MOL Plc. include exploration and production of crude oil, natural gas and gas products,refining, transportation and storage of crude oil, transportation, storage, distribution, retail and wholesale of crudeoil products, MOL Plc. is the market leader in Hungary in all its core activities.Signatories of the financial statements of the Company:József Molnár, Chief Executive OfficerAddress: 3700 Kazincbarcika, Akácfa u. 39.József Simola, MOL Group Executive Vice President for FinanceAddress: 1112 Budapest, Oltvány u. 17/E.Krisztina Dorogházi, MOL Hungary Financial DirectorAddress: 2096 Üröm, Kárókatona u. 8.Chamber of Hungarian Auditors registration number: MKVK-00517112

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 20122. Ownership structureNumber and nominal value of shares issued by MOL Plc., (categorised by share type):OwnerNumber of shares (pieces)Total nominalShare of"B" series "C" series value (HUF"A" series sharesownership (%)shares shares million)2011 2012 2011 2012 2011 2012 2011 2012 2011 2012MNV Zrt.* 22,179,547 22,179,547 1 1 0 0 22,180 22,180 21.22 21.22Pension Reformand DebtReduction Fund*Foreigninstitutional andprivate investorsOf which:3,538,434 3,538,434 0 0 0 0 3,538 3,538 3.39 3.3962,132,411 63,446,340 0 0 0 0 62,132 63,446 59.45 60.70CEZ MH B.V. 7,677,285 7,677,285 0 0 0 0 7,677 7,677 7.35 7.35Oman Oil BudapestLimitedMagnolia FinanceLtd.7,316,294 7,316,294 0 0 0 0 7,316 7,316 7.00 7.006,007,479 6,007,479 0 0 0 0 6,007 6,007 5.75 5.75ING Bank N.V.** 5,220,000 5,220,000 0 0 0 0 5,220 5,220 4.99 4.99CrescentPetroleumCompany3,161,116 3,161,116 0 0 0 0 3,161 3,161 3.02 3.02International ***Dana Gas PJSC 3,161,116 3,161,116 0 0 0 0 3,161 3,161 3.02 3.02Domesticinstitutional andprivate investorsOf which:10,874,776 10,207,208 0 0 0 0 10,875 10,207 10.40 9.77OTP Bank Plc. 5,617,866 5,634,134 0 0 0 0 5,618 5,634 5.37 5.39MOL Plc. treasuryshares5,793,316 5,146,955 0 0 578 578 5,794 5,148 5.54 4.92Total 104,518,484 104,518,484 1 1 578 578 104,519 104,519 100.00 100.00The nominal value of series "A" and "B" shares is HUF 1,000, and of series "C" shares HUF 1,001. Due to thehigher nominal value, series "C" shares entitle their holders to 1.001 (one point one thousandth) of votes, incontrast with the right to have one vote for series "A" shares.* MNV Zrt. (Hungarian State Holding Company beforehand ÁPV Zrt.) has one share for preferential voting (this isone series "B" share). The Hungarian State Holding Company (MNV Zrt.) and the Pension Reform and DebtReduction Fund are owned by the Hungarian State. Based on Articles of Association of the company they belong tothe same shareholder group, due to cannot exercise more than 10 % of the voting rights.** According to the announcement of ING Bank N.V. because of its indirect ownership its controlled voting rightsare above 5 %.*** Crescent Petroleum Company International and Dana Gas PJSC announced that they are parties acting inconcern13

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012Data of major investors with ownership above 5 %:Name of the CompanyHungarian State HoldingCompany (MNV Zrt.)SeatVoting rights(%)Correctedownership dueto Articles ofAssociation(%)1133 Budapest, Pozsonyi út 56. 10.00 21.22CEZ MH B.V.Weena 340, 3012NJ Rotterdam, TheNetherlands7.73 7.35Oman Oil Budapest Limited Ugland House, Grand Cayman, KYI-1104 7.36 7.00Magnolia Finance Ltd.22 Grenville Street, St Heiler, Jersey,Channel Islands, JE4 8PX6.05 5.75OTP Bank Plc. 1051 Budapest, Nádor utca 16. 5.67 5.39ING Bank N.V.Bijlmerplein 888,AmsterdamZuidoost,1102 MG, The Netherlands5.25 4.99Crescent Petroleum Company Crescent Tower, Buhaira, 20th Sharjah,International*United Arab Emirates3.18 3.02Dana Gas PJSC*Crescent Tower, Buhaira, 20th Sharjah,United Arab Emirates3.18 3.02* Crescent Petroleum Company International and Dana Gas PJSC announced that they are parties acting inconcernt on 31 December 2012. On 13 February 2013 Dana Gas PJSC has sold 1,675,000 pieces of MOL Series“A” Ordinary shares, which reduced the 3 companies’ total ownership below 5%.The table above has been prepared on the basis of registration notifications and shareholder’s announcements asof 31 December 2012 and does not accurately reflect the ownership structure registered in the record ofshareholders. Registration in the record of shareholders is not obligatory. Shareholders may exercise their votingright only if they are registered in the record of shareholders. Based on MOL’s Articles of Association neitherindividual shareholder nor a group of shareholders may exercise voting rights above 10%.14

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 20123. Important elements of MOL Plc’s Accounting Policy3.1. Method of bookkeeping, report formatBased on Act C of 2000 on accounting (hereinafter: Accounting Act) as amended, MOL Plc. uses double entrybookkeeping and prepares an annual report with a balance sheet date of 31 December. As required by theAccounting Act the annual report consists of the balance sheet, income statement and supplementary notesincluding cash flow statement. At the same time, the Company also prepares a business report.Based on the option given by the Accounting Act, from year 2005 the Company prepares its consolidated annualreport in accordance with the International Financial Reporting Standards as adopted by the EU.Based on Article 155 section (2) of the Accounting Act, the audit of Financial Statements is compulsory for theCompany, year-end and interim financial statements are audited.In 2011 and 2012 MOL paid HUF 156 million for the audit of the year-end and interim financial statements.Furthermore HUF 51 million and HUF 216 million was paid for tax advisory services in 2011 and 2012, HUF 16million and HUF 45 million for other non audit type services was paid to the Auditor, in 2011 and 2012 respectively.MOL Plc. publishes on its website the annual report and business report of the parent company, the consolidatedannual report and business report, including the auditors’ report and makes them available until the financial datafor the second business year following the relevant reporting period are published.From 1 July 2002 MOL Plc. has been using SAP R/3, an integrated resource planning information system for largecompanies with a modular structure.3.2. Method and time schedule for report preparationThe preparation of the annual report is based on the annual financial statement close process. Business events ofthe current period are completed, checked and summarised during the annual closing, and also the booking tasksof any corrective adjustment necessary pursuant to the consequences of business events incurred between thebalance sheet date and the balance sheet preparation date and to the changes in the market conditions.In line with the scheduling of processes for closing the year of 2012, the date for preparing the balance sheet of theCompany was set for 16 January 2013.3.3. The form of Balance Sheet and the Income StatementForm of the balance sheetIn line with Article 20 section (1) of the Accounting Act, MOL Plc. compiles a balance sheet linked to the annualreport, according to version “A” as required by Annex No. 1 to the Accounting Act.Form of the income statementMOL Plc. compiles its income statement based on the total cost method, according to version “A” included in AnnexNo. 2 to the Accounting Act.3.4. Valuation methods and procedures used in the preparation of annual report3.4.1. Changes in the Accounting PolicyAdoption of law amendments:In the course of 2011 the Accounting Act has been amended several times. Company relevant amendments belowwere implemented in the Accounting Policy effective from 1 January 2012.15

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012• According to the amendment of the Accounting Act, the definition of the cost of assets and servicespurchased in foreign currency has been amended in the policy.• According to the amendment of the Accounting Act, the definition of research and development has beenmodified, i.e. research types defined by the Innovation Law should be applied in accounting.• Fair valuation of capitalised costs of foundation and restructuring and also criteria of its impairment has beenimplemented into the Accounting Policy.• Due to amendment of the Accounting Act requirement for accounting for impairment of constructions inprogress has been included in the Accounting Policy in case their market value has decreased permanentlyand significantly.• Accounting rules for withdrawal of treasury shares has been changed. The gain or loss on the cancellationshould be recorded as a change in equity in the future. Previously it had to be charged to the incomestatement and consequently decreased corporate tax base.• Deferred income resulting from badwill should be reversed at the time of the disposal of the investment, inrelation to which the badwill was accounted for.Other changes:• The definition of assets classified software products has been clarified. Softwares where ownership andunlimited right of use is obtained by the Company are classified as intellectual property, and softwares notmeeting the above criteria are classified as property rights.• Furthermore to the above mentioned modifications, some smaller regulation changes were also includedinto the Accounting Policy.The amendments made to the Accounting Policy do not have a significant effect on the 2012 Balance Sheet orIncome statement of MOL Plc.3.4.2. Valuation methods appliedIn line with the the Accounting Act, MOL Plc. evaluates its assets and liabilities individually.Foreign currency put into the foreign currency petty cash, foreign exchange transferred to the foreign exchangeaccount, receivables, non-current financial instruments, securities and liabilities denominated in foreign currency areconverted to HUF at the official FX exchange rate published by the National Bank of Hungary (NBH)for the date ofreceipt or for the date of settlement.The Company converts foreign currency purchased against HUF, recorded on the FX account, to the selected NBHexchange rate on settlement date, pursuant to the fair valuation of financial instruments.In the course of year-end foreign exchange revaluation, that is set out in Article 60 section (2) of the Accounting Act theCompany revalue its assets and liabilities, except for foreign exchange liabilities linked directly to investments andproperty rights, and not covered by FX assets and the assets included in fair valuation.The Company recognises exchange rate differences realised during the year and not realised at the end of the year onFX loans and FX liabilities, not covered by FX assets that relates to investments as part of the value of the investment.The Company applies the principle of fair valuation on financial instruments held for trading purposes and derivativesheld for hedging and trading (non-hedging) purposes in order to converge its practice to regulations of the EuropeanCommunity. The Accounting Act allows for applying fair valuation to financial instruments available for sale, but the16

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012The Company does not make use of this opportunity. The Company applies fair valuation only to those financialinstruments and financial liabilities and/or transactions in case of which the fair value can be reliably determined. Fairvaluation is concluded during the interim and annual closings, based on information available on the balance sheet cutoffdate.All transactions of a clearing type or closing with the delivery of a financial instrument, derivative transactions for nonhedgingas well as hedging purposes are valued at fair value.The fair value is determined on the basis of the following (the list also represents the order in case there is morethan one way to determine the fair value of a given instrument):• stock exchange quote, in case of a sufficiently active market;• over-the-counter market price, which reliably indicates the partner’s evaluation (mark–to-market value) orarm’s length agreements or supported by previous transactions and offers at the time of evaluation. Themarket value equals to the discounted net present value of the expected cash flows based on the yieldcurves. If such a value is available, it provides a better estimate of fair value than spot prices, because ittakes into account the market’s objective forecasts for the future;• value calculated based on the market price of the components of the financial instrument;• the value calculated by valuation procedures generally used in money market evaluations (e,g, discountedpresent value of cash flows), using external premises, based on the market values on the balance sheet cutoffdate.For intangible and tangible assets, individual valuation is based on individual and group records. Assets that may bedeemed to be identical in terms of type, purpose of use, date of putting into operation, purchase cost or production cost,cost centre and responsible holder constitute a group.The detailed rules for the method of scheduled and unscheduled depreciation the recognition and reversal ofimpairment and the depreciation rates applicable to each tangible asset are set out in the Depreciation Policy.Purchase value of non-current investments acquired for foreign exchange:• following the court registration of FX investments, in the case of foundation and capital increase the value of theinvestment at capitalisation is identical with the book value recorded as a receivable;• shares and quotas acquired for foreign exchange are recorded at the HUF value, calculated at the officialexchange rate, effective on the date of the purchase, published by NBH.If the consideration for investments is paid prior to the acquisition of the ownership title, the purchase value isidentical with the book value recorded as a receivable.Non-current investments are valued individually, based on a weighted average price.The Company accounts for impairment on the balance sheet cut-off date, if:• for investments listed on the stock exchange and other capital markets – in the case of a sufficiently activemarket – the quoted prices drop significantly below the average book price for the long run (impairment isaccounted for up to the average quote price valid at the balance sheet preparation date),• for investments not listed on the stock exchange, the value of the Company’s share from the equity of theinvestment decreases significantly below the book value in the long-term (impairment is accounted for up tothe amount of equity for the investment).Regarding non-current investments, the value of the investment (adjusted with goodwill and any loan given to them) iscompared to the expected realisable value of the investment. If MOL’s share in shareholders’ equity is lower than thebook value of the investment adjusted with the value of goodwill and loans given, the realizable value of theinvestment will always be determined.Impairment will be recognized if:• the realisable value is lower than the book value of investment corrected with goodwill and increased by theloan given to the related party; and• future business expectations or strategic factors concerning the investment do not support the return ofinvestment either.17

18MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012If impairment is accounted for, the order is as follows:• first the positive goodwill, after that the• the investment, and if the impairment is above these aggregate amounts,• the amount of the long-term loan given will be impaired.In case a company is liquidated or wound up, the difference between the book value and the amount expected tobe recovered is accounted for as impairment.Investments in companies under liquidation or wound up, are reclassified to current assets at the time of thedecision on beginning the procedures.Long-term debt securities acquired for foreign exchange are recorded at the HUF value, calculated at the officialexchange rate published by NBH, effective on the date of the acquisition of the title:The Company values long-term credit securities based on weighted average price.It accounts for impairment on the balance sheet cut-off date for securities traded on the stock exchange if the stockexchange price less interest decreases significantly below the average book price in the long-term.The Company accounts for impairment on over-the-counter securities if the issuer’s (debtor’s) rating deteriorates inthe long-term, i.e. for over one year. In connection with that the Company investigates the over-the-counter pricedecreased by the interest, the market value, the long-term trend of the market value as well as the issuer’s(debtor’s) market position, i.e. whether the issuer is expected to pay the nominal value plus accumulated intereston maturity, at redemption, or what proportion of this amount the issuer will pay. In this case, the amount ofimpairment to be accounted for is the difference between the book value and the market price as determinedabove, if the difference is significant.For securities with maturity within or in one year, the over-the-counter price is used for evaluation at the balancesheet date. MOL Plc. performs evaluation based on the expected recovery of the nominal value plus accumulatedinterest. If recovery of the nominal value plus interest becomes uncertain, it accounts for the difference between thebook value and the amount expected to be recovered as impairment.If the circumstances that give rise to impairment cease to exist in whole or in part – if this trend is not expected toreverse within one year – the impairment accounted for will be reversed during the evaluation process on thebalance sheet date if the change is significant.The Company values the inventories individually. The valuation of assets booked in groups having the sameparameters at average purchase price is also deemed to be individual valuation.According to the Accounting Act the Company determines the purchase cost of materials, goods purchased, packagingmaterials owned by the Company and natural gas at weighted average purchase price; at final average purchase pricefor shop stocks of retail services; and at individual purchase prices (deposit) for packaging materials with a packagingfee.Own produced inventories are valued at average production cost. The booked mining royalty payable for the quantity ofproduced natural gas and crude oil is included in the production cost of these inventories. The Company calculates theactual production costs monthly for own produced inventories.In case of the own produced inventories, the Company applies the preliminary determined price method, in a waythat based on the monthly actual calculations, monthly corrects the preliminary determined price. Accordingly thepreliminary determined price equals to the average product cost at the monthly closing.During the monthly performed actual product cost calculation the stock value difference is divided among inventorytransactions of the relevant month at the monthly closing.The Company reduces the purchase or production costs of own produced inventories if:• the inventory does not comply with the requirements applicable to inventories (standards, terms of shipping,professional requirements, etc,) or with original designation or are damaged. Inventories in the group arecontinuously written off to the value of waste or recoverable materials throughout the year.

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012• the inventory complies with the requirements applicable to inventories, there were no changes in originalmechanical conditions, but the Company is not able to use inventory for his primary intention because ofchanges in his business activity, used technology, or market conditions and therefore the inventory becomesredundant.In this case the decrease in the value of inventory is recognised as impairment until the estimated sellingprice.• the purchase and production cost of inventories is considerably higher than the market price known at the timeof preparing the balance sheet (including those that have become unnecessary or are not fit for their purpose).In that case, impairment is accounted for up to the market value known at the time of preparing the balancesheet or the expected sales price. The expected sales price must be reduced by the costs expected to beincurred over the course of the sale.For own produced refinery inventories the comparative price is the market price estimated by the Companybased on the estimated relevant listed prices, the premiums stated in the commercial contracts and establishedaccording to trading potential as well as the exchange rate fluctuation premises.In case of inventories purchased as raw materials, semi-finished products to be used further on or hydrocarbonproduction in progress, it is investigated whether their value is recovered in the sale price of the finished productsproduced over the course of which such items are used in production. The recoverable amount determined thisway is reduced by the costs expected to be incurred over the course of the sale. If there is no full return,impairment – if significant – is accounted for up to the level of return.The Company does not apply reversal of impairment of inventories as a rule, but impairment may be reversed, basedon individual assessment, in order to give a true and fair view.The Company records emission rights (CO 2 allowances) as goods.Based on the individual rating of customers and debtors, MOL Plc. accounts for impairment on receivablesoutstanding on the balance sheet date that are not settled by the date of preparing the balance sheet, if the bookvalue of the receivable significantly exceeds the amount expected to be recovered from the receivable. Rating ismade on the basis of information available at the time of preparing the balance sheet in the course of which theCompany estimates expected percentage of collection of receivables. At the rating the criteria shall be set out thatserve as the basis for determining the percentage of expected collection.Major criteria for debtor rating:• bankruptcy or liquidation proceedings have been launched against the debtor,• payment warrant have been launched against the debtor,• foreclosure proceedings have been launched against the debtor,• the due date of the receivable from the debtor has been passed,• written statement or information issued by a bankruptcy commissioner or liquidator,• collection of the receivable is not likely due to the debtor’s financial position (e.g. gearing ratio, bad solvency,etc.).If the amount expected to be recovered out of the receivable based on the rating of the customer or debtor on thebalance sheet date considerably exceeds the book value of the receivable (criteria for write-off are not in place orare in place only in part) the Company will reverse all or a part of the impairment accounted for earlier. The bookvalue of the receivables following the reversal may not exceed the book value of the original receivable that is notyet settled.If the criteria of a bad debt are in place, the receivable should be written off as credit related loss. Based on cost –benefit principle, receivables under HUF 50,000 and not paid in spite of a written demand note sent by a lawyer,are classified as as bad debt.19

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012During the valuation of inter-company loans given for the financing of the operation of related parties - theCompany proceeds in accordance with the rules applied for investment assessment.Repurchased treasury shares are valued at the weighted average price determined by groups. Groups consist of similartype of repurchased treasury shares by depositories. Within groups a separate group is composed of treasury shareslent by transactions at the time of registration, after the lending term expires.The Company will account for impairment at the time of evaluateing treasury shares at the end of the year if theweighted average stock exchange share price over the 90 stock exchange days prior to the balance sheetpreparation date is lower than the book value.During the year-end valuation the difference between the book value and the value of borrowing agreementrecognised as deferred expenditure at the time of the lend have to be taken into account in the book value oftreasury shares received back from lend and registered in separate group.The Company does not recognize impairment for repurchased treasury shares if the stock exchange price is higherthan the average book value at the time of balance sheet preparation.Reversal of the impairment for repurchased treasury shares shall be recorded if the weighted average stockexchange share price over the 90 stock exchange days prior to the balance sheet preparation date is higher thanthe book value. Reversal may take place up to the amount of recorded impairment.The Company does not account for a reversal of the impairment if the stock exchange share price known at thebalance sheet preparation date is lower than the average book value.The Company nets the interest liability calculated for repurchased convertible bonds against the interest receivableon convertible bonds included among securities.Receivables due on treasury shares lent are evaluated individually taking the related accruals or deferrals intoaccount.The Company will account for impairment at the time of valuing receivables due on treasury shares lent at the endof the year if the calculated value of treasury shares - based on weighted average stock exchange share price overthe 90 stock exchange days prior to the balance sheet preparation date - is lower than the aggregate amount ofreceivables and related accruals or deferrals.The Company does not recognize impairment for receivables due on treasury shares lent if the lent treasuryshare‘s stock exchange price is higher than the aggregate value of receivables and related accruals or deferrals atthe time of balance sheet preparation.Reversal for receivables due to treasury shares shall be recorded if the lent treasury share’s weighted averagestock exchange price during 90 stock exchange days prior to the balance sheet preparation date is higher than theaggregate book value of receivables and related accruals or deferrals, The Company does not account for areversal of impairment if the lent treasury share’s stock exchange share price known at the balance sheetpreparation date is lower than the aggregate value of receivables and related accruals or deferrals.Reversal may be accounted for up to the amount of recorded impairment.The NBH official rate applicable on the settlement date is used for the HUF translation of new foreign exchangefollowing the exchange of foreign exchanges on account. The difference between the book value of old and theinitial book value of new foreign exchange is recognised as other financial expense or income. The Companyapplies the above mentioned procedure in case of transfers between foreign exchange and foreign currencyaccounts and between accounts with same foreign exchange.The Company’s bank accounts are managed in two different cash pool systems (notional or zero balancing). Inboth systems the limited purpose pool master account s is owned by the Company, and the transactions of thesubsidiaries and the Company as a pool member are performed on the related sub-accounts.Notional cash pool (NCP) in the accounting practice:If at the end of the period (month) the cash pool master account20

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012• has a negative balance MOL recognizes the negative balance as a bank loan, and any difference betweenthe negative balance of the cash pool master account and the MOL cash pool sub-account is recorded as aloan received from, or given to, the subsidiary,• has a positive balance, MOL indicates the cash pool sub-account balance as a cash or cash equivalent if thefigure is positive or as a loan from the subsidiary if it is negative.MOL accounts for the interest settled by the bank based on the cash pool sub-account balance as interest receivedfrom/paid to subsidiaries or the bank against financial income or financial expense.Zero balancing cash pool (ZBCP) in the accounting practice:The Company reports the positive balance of the master account as cash and cash equivalent, and the negativebalance as an overdraft facility.The Company accounts for the interest payable or earned on the basis of the pool master account balance asinterest received from or payable to the bank, against financial income or financial expense.The Company reports the cumulated balance of the amounts transferred from the subsidiary sub-accounts as loansreceived from or given to subsidiaries.Any interest paid/received based on the sub-account balances is accounted as interest paid to/received fromsubsidiaries, against financial income or financial expense.If the conditions specified in the Zero balancing cash pool agreement prevail, the receivables from/liabilities tosubsidiaries will be taken out from the cash pool settlement and will be stated as a loan given to or received fromthe subsidiary pursuant to the bilateral agreement between MOL and the subsidiaries.At filling stations the amount of the sale payable in euro presented on the bill prepared in HUF is based on foreignexchange rate determined by MOL and displayed at filling stations. In case the received cash in EUR are above theconsideration of sale, the difference between the received amount and payable price shall be returned in HUF, andexchanged on the FX rate determined by MOL as presented above.At filling stations the received cash in EUR is accounted for in HUF by using the official NBH FX rate applicable onthe previous day of the settlement date for conversion.The difference between the FX rate determined by MOL and the official NBH FX rate applicable on the previousday of the settlement date is accounted for as foreign exchange rate difference by the Company.In case of exchange of liabilities denominated in foreign exchange, the new liability is converted into HUF by usingthe NBH official FX rate applicable on the settlement date of the agreement of the new liability.In case of loan exchange transactions, when only the foreign exchange in which the loan is denominated ismodified, the new FX loan is converted into HUF by using the official NBH FX rate applicable on the date ofagreement.For assets denominated in foreign currency or foreign exchange, both impairment and its reversal shall bedetermined in foreign exchange. The amount of impairment determined is converted into HUF at the bookexchange rate of the given asset, while established reversals are converted into HUF at the weighted averageexchange rate of impairments, less reversals. Impairment and reversal are accounted for before the year-end totalforeign exchange revaluation.In the Supplementary notes when presenting impairment and reversal of impairment the amount of impairment isrecognised at the book exchange rate of the given asset, and the reversal of impairment is recorded at theweighted average exchange rate of impairments. The year-end FX rate difference of impairment and reversal isestimated in the cost value.3.4.3. Depreciation policyMOL Plc. interprets depreciation in accordance with the regulations of the Accounting Act, with the following additions:In respect of property, plant and equipment, MOL Plc. usually applies linear depreciation based on the gross value;with the exception of assets that may be allocated only to one mine (excluding the property rights linked to theseassets) catalysts and provision for estimated future cost of field abandonment of oil and gas production facilities21

22MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012following the termination of production booked as tangible asset, for which a depreciation method of units ofproduction is used, that is based on the carrying value.To determine the depreciation, impairment and reversal of impairment of buildings, equipments and fieldabandonment provisions accounted for as tangible asset belonging to a mine (crude oil and/or natural gas field),the applied method is the SPE (Society of Petroleum Engineers) method calculated on proved and unproved,commercially recoverable reserves.LPG cylinders and the reinforced concrete big modular road surface plates – with value less than HUF 100,000 –are booked in group, and depreciated by linear depreciation in case of LPG cylinders over 5 years and in case ofreinforced concrete elements over 10 years.Selection criteria for technical-economic useful life and for depreciation rates are defined in the regulation issued onGroup level, which includes the technical-economic useful life with adequate depreciation rate by the group ofassets. The Company deviates from the depreciation rates defined in the regulation on the basis of individualvaluation, in case of different usage characteristics, based on written technical qualification.The economic useful life of assets are as follows: 10-50 years for buildings, 4-12.5 years for refinery equipments, 7-25 years for gas and oil transporting and storing equipments, 5-25 years for filling stations and their equipmentsand 3-10 years for other equipments.Depreciation is accounted for in the SAP R/3 system on a daily basis at the end of each month.No further depreciation may be recognised if the carrying value of the asset has already reached its residual value.The residual value is not nil if it is clearly decided at the time of acquiring the asset that the asset’s useful life for theCompany will not reach 75 % of the asset’s technical-economic useful life and the residual value is expected to besignificant at the end of its useful life. The residual value may be determined in respect of individual assets or assetgroups required for the undertaking of the core activities, representing a significant value at company level. The residualvalue is subject to yearly revision, modification should be made if the expectations significantly differ from previousexpectations.The Company will change the depreciation for assets if there was a substantial change (if the individual asset’suseful life changes by at least +/- 2 years and the amount of annual depreciation for an individual asset changesminimum HUF 1 million) in the circumstances taken into account in determining the depreciation to be accountedfor every year (gross value, useful life, proper use).For intangible assets with a carrying value reaching HUF 10 million, and for tangible assets with a gross book valuereaching HUF 50 million and carrying value reaching HUF 10 million the Company reviews the economic useful lifeannually. (The effect of the revision on the balance sheet and income statement for the financial year 2012 isdisclosed in Note 9.)The Company does not recognise scheduled depreciation for those assets, which value does not decrease allthrough their use.The assets should be divided into main parts in the accounting records, and their depreciation should be accountedby parts, taking their useful life into account. The assets should be divided if the technical useful life of the mainparts differs from the useful life of the assets determined by the Company. The definition of main part (component)is the smallest identifiable unit, that has a different useful life compared to that of other components and has asignificant value compared to the value of the whole asset.MOL Plc. accounts for impairment if intellectual property rights and titles can be enforced only in a limited manneror not at all within the expected depreciation period, if an intellectual product or a property, plant and equipment ismissing, damaged or destroyed, or if the market value of intangible assets and property, plant and equipment issignificantly lower than their carrying value over the long term.If the market value of an individual asset cannot be determined, the Company creates the smallest asset group forwhich market evaluation is applicable.For an individual asset or asset groups where individual market evaluation is not possible or does not reflect thereal value of use of the asset or asset group, the comparative basis for impairment and impairment reversal

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012purposes will be determined by cash flow calculation based on profit-generating ability. The Company has createdthe asset groups in its Accounting Policy for determining the profit generating ability.Impairment charged on the basis of market valuation will be reversed if the reasons for impairment do not exist anymoreor exist only in part. The Company will account for reversals only as part of the year-end evaluation of assets.In the Accounting Policy, the amounts of impairment and impairment reversal classified as significant have beendetermined separately for each asset group.3.4.4. Rules for provisionsMOL Plc. provides for contingent liabilities against profit before taxation.Provisions for contingent liabilitiesThe Company makes provisions for liabilities that are expected to arise due to severance payment and earlyretirement in case that it has an accepted plan for redundancies applicable to the coming years, which iselaborated in detail and has a significant financial impact furthermore if decisions related to redundancy aredocumented in details.MOL Plc. makes provisions for retirement bonuses granted to employees. The amount of provision is determinedconsidering actuarial calculation and MOL-specific financial assumptions.MOL Plc. recognises provision to cover liabilities arising from jubilee bonuses of employees who work for theCompany for a long time.Provision is recognised for guarantees and sureties granted by the Company if there is a probability of more than50 % that a part or all of the guarantee or surety amounts will be drawn. When determining this probability, it takesinto account the financial and liquidity position of the company benefiting from the guarantee or surety, itswillingness to pay in the normal course of business with MOL Plc. as well as any information obtained about itsoperation. The amount of provision is determined based on the possible draw downs weighted by probabilities.The Company makes provisions to cover liabilities arisen from wholesale customer complaints if the amount issignificant and if it is probable at the time of the balance sheet preparation that the quantity and quality ofcustomer’s complaint will be accepted..The Company recognises provisions against profit before tax or tangible assets for future liabilities related toenvironmental protection and future liabilities on abandoning production on hydrocarbon production fields(provisions for field abandonment). The amount of the provision is the discounted value of the future liabilitiesexpected to be incurred.If the environmental damages relate to the production process the provision is recognised against profit beforetaxation. If the liability relates directly to the future removal of the assets, restoration of the original conditions, theprovision is capitalised in the value of related oil and gas producing assets taking into consideration the expectedreturn on future production process pursuant to the accounting principle of comparability.Company capitalises in the value of property, plant and equipment (according to the regulations stipulated in Note3.4.6.) that amount of provision which is expected to be incurred in relation to the damage caused by theconstruction and removal of oil and gas producing assets as the mining activity is ceased according to the MiningAct.In line with the statutory obligation related to the emission of greenhouse gases, the Company recognisesprovisions on the following:• any CO 2 emission uncovered as a result of the sale of CO 2 emission rights, received free of charge, and• CO 2 emission in the current year, not covered by the emission rights received free of charge for the currentyear (surplus emission).23

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012The amount of provision is assessed based on emission not covered and market price at balance sheet date.The recognised provisions are proportionately released when the Company fulfils its return obligation arising fromthe statutory regulations with purchased CO 2 emission rights, either in part or in full.Provision is recognised for liabilities expected to arise in connection with ongoing litigations, for the expectedamount (based on a proportion determined subject to the litigation value and the expected outcome of the litigation)if at the time of preparing the balance sheet, it is probable that the Company will incur a financial liability on closingthe legal dispute.The Company recognises provisions for the value of unused points in the Regular Customer point collectionscheme operated by the Company itself and the Multipoint point collection scheme operated with other companies.The Company reviews provisions recognised based on all above title during the balance sheet preparation processand updates values, based on this revision, which is made irrespective of the amount and uses all availableinformation.3.4.5. Classification of errors for previous yearsMOL Plc. determines the limits of significant errors at HUF 0. This means that it accounts for the effect of all errorsconcerning previous years regardless of their value and positive or negative sign as adjustments of previous years,so they do not affect the profit or loss of current period. The errors identified concerning the profit and shareholder’sequity of previous years are shown in the middle column of the balance sheet and income statement, asadjustments to previous years.The combined value of errors and their consequesnces classified as substantially influencing the true and fair viewof the Company if their impact on profit and shareholder’s equity is the lower of 20 % of the shareholders’ equity ofthe year preceding the current reporting year or a change with correct sign exceeding 2 % of balance sheet total ofthe same year.3.4.6. Application of Article 4 section (4) of the Accounting Act in the Company’s financial statements foryear 2012In the course of the preparation of the 2005 annual financial statements, the Company departed from Article 41section (1) of the Accounting Act based on its allowance described in Article 4 section (4) to give a true and fairview of the equity and financial position of MOL Plc. as at 31 December 2005 and of the results of its operations forthe year then ended. Consequently, in order to appropriately match the expenditure with the related revenue,provision for field abandonment in the amount of HUF 50,076 million had been recognised as an increase ofproperty plant and equipment, instead of charging the amount directly to the profit before tax. This treatment isconsistent with that adopted in the consolidated financial statements of the Company prepared in accordance withInternational Financial Reporting Standards.As a result of the departure from the accounting law regarding the field abandonment as at 31 December 2012 theproperty plant and equipment is presented with a higher value of HUF 7,477 million. The Company has registeredcapital reserve (in the amount of HUF 7,477 million) corresponding to the capitalised field abandonment provisionincluded in the net balance of property, plant and equipment as of 31 December 2012 in order to cover futureliabilities from the Company’s equity.24

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 20124. The true and fair view of the Company’s financial and earnings position(the values in the formulas of calculated indicators are shown in HUF million)This chapter presents the Company’s asset, equity and financial position, as well as return and performanceindicators, the sales revenue, with explanations where necessary.4.1 Company’s assets4.1.1. Changes in the Company’s assetsDescription2011 2012Breakdown (%)2011 2012Change (%)Non-current assets 2,165,427 2,231,013 68.34 73.55 3.03Current assets 980,406 782,136 30.94 25.79 (20.22)Accruals and prepayments 22,644 20,093 0.72 0.66 (11.27)Total 3,168,477 3,033,242 100.00 100.00 (4.27)The Company’s assets decreased by HUF 135.2 bn between the two periods, in particular due to the reclassificationof investment to non-current assets as a result of registering the capital increases by the Court ofRegistration.4.1.2. Capital structureCapital structure of the CompanyDescription 2011 2012Breakdown (%)2011 2012Change (%)Shareholders’ equity 1,847,096 1,899,512 58.30 62.62 2.84Provisions 143,941 144,646 4.54 4.77 0.49Liabilities 1,155,356 966,402 36.46 31.86 (16.35)Deferrals 22,084 22,682 0.70 0.75 2.71Total 3,168,477 3,033,242 100.00 100.00 (4.27)There was no significant re-arrangement in the equity and liabilities in 2012 compared with 2011.Within the equity and liabilities the shareholders’ equity increased by 4.3 percentage points while liabilitiesdecreased by 4.6 percentage points. The liabilities were lower by 16.35 % compared to the base period mainly dueto drop in short-term liabilities (HUF 217.6 bn). This later was driven by the paid dividend (HUF 45.0 bn), the highervalue of liabilities (HUF 35.6 bn) due to the revaluation of the derivative transactions, the creditors (HUF 41.5 bn)and the short term debts of third parties (HUF 32.0 bn).25

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012Equity ratioShareholders’ equityTotal shareholders’ equity and liabilities* 1002011 20121,847,0961,899,512= 58.30 %3,168,477 3,033,242= 62.62 %The indicator value exceeded the base level by 4.3 percentage points.Total shareholders’ equity and liabilities increased as a result of the increase in shareholders’ equity (2.8 %) andthe decrease in short-term liabilities detailed explained in capital structure indicator.4.1.3. Current assetsCurrent assets + Accruals and prepaymentsNon-current assets* 1002011 20121,003,050802,229= 46.32 %2,165,427 2,231,013= 35.96 %The change in the indicator value was caused by the decline in current assets, mainly driven by the decrease inreceivables as a result of the drop in non-registered investments in 2012 (share in-kind contribution).4.2. Financial positionAcid liquidity ratioCash and cash equivalents + Receivables + SecuritiesShort-term liabilities + Accrued cost and expenses2011 2012785,777614,273= 1.40561,055 344,523= 1.78The liquidity ratio of the Company went up slightly compared to the previous year, and significantly exceeded theminimal level of 1.0. The total amount of the cash and cash equivalents, receivables and securities decreased by21.8 % year-on-year, driven by the decrease in receivables, specially the drop among the non-registeredinvestments. Total amount of securities and cash and cash equivalents went up compared to the base period. Thelower value of short-term liabilities (details above) and accrued cost and expenses (38.6%) influenced the indicatornegatively.26

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012Debtors daysAdjusted average receivable from customers1 day sales revenue2011 2012169,754191,5556,686= 25.396,911= 27.72From liquidity point of view debtor days changed unfavourably in 2012 year on year , which was caused by the jointeffect of the increase in average value of receivables and the increase of 1 day sales revenue.Average value of debtors went up due to the increase in crude oil products’ quoted prices.IndebtednessLong-term credits and loans, liabilities from the issue of bonds + Short-term credits and loans -Securities – Cash and cash equivalentsLong-term credits and loans, liabilities from the issue of bonds + Short-term credits and loans -Securities – Cash and cash equivalents + Shareholders’ equity* 1002011 2012449,138377,822= 19.56 %2,296,234 2,277,334= 16.59 %The indicator showed a decrease compared to last year, mainly due to the lower net debt value, which effect wasstrengthened by the increase in shareholder’s equity (HUF 52.4 bn). Changes in net debt were caused by thedecrease in long and short term credits, loans and bonds (HUF (35.6) bn). Net debt was further decreased by theincrease in securities and cash and cash equivalents (HUF 26.1 bn and HUF 9.6 bn).4.3. Return and performance indicators4.3.1. RevenuesDescription 2011 2012Net domestic salesrevenuesExport net salesrevenuesTotal net salesrevenuesBreakdown (%)2011 2012Change (%)1,890,167 1,920,260 77.46 75.91 1.59550,081 609,259 22.54 24.09 10.762,440,248 2,529,519 100.00 100.00 3.66The net sales revenue exceeded the base year level by 3.7 %. The wholesale and retail sales revenue from crudeoil products and related services - which amounted to 93.4 % from the total net sales revenue- increased by 4.9 %compared to 2011.Domestic net sales revenue of crude oil products (including LPG sales besides HC production) increased by 2.5 %compared to the previous year, mainly driven by the higher crude oil products’ quoted prices, and increase in thegasoil export volume sales.27

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 20124.3.2. Costs, expenditures compared to revenueDescription 2011 2012Breakdown (%)2011 2012Change(%)Net sales revenues total 2,440,248 2,529,519 100.00 100.00 3.66Raw material costs 1,371,064 1,417,852 56.19 56.05 3.41Value of services used 90,754 92,566 3.72 3.66 2.00Other services 214,539 199,612 8.79 7.89 (6.96)Cost of goods sold 187,026 205,841 7.66 8.14 10.06Value of services sold (intermediated) 15,700 5,132 0.64 0.20 (67.31)MATERIAL TYPE EXPENSES 1,879,083 1,921,003 77.00 75.94 2.23Payroll expenses 37,055 39,816 1.52 1.57 7.45Other personnel-type expenses 6,094 5,976 0.25 0.24 (1.94)Tax and contributions 11,157 12,468 0.46 0.49 11.75PERSONNEL TYPE EXPENSES 54,306 58,260 2.23 2.30 7.28DEPRECIATION 51,019 49,555 2.09 1.96 (2.87)OTHER OPERATING EXPENSES 450,756 413,076 18.47 16.33 (8.36)TOTAL COSTS AND EXPENSES 2,435,164 2,441,894 99.79 96.54 0.28The cost and expenditures showed a slightly increase compared to 2011, although net sales revenue went up by3.7 %.See detailed explanation in Note 8, 32, 33, 34, 35, 43.4.4. Return and performance indicatorsReturn on AssetsProfit before tax + paid interest and similar expensesChronologic average of assets* 1002011 2012178,88289,448= 5.96 %3,002,773 3,052,322= 2.93 %The reduction in the indicator was the consequence of the lower profit before tax, which was HUF 61.3 bncompared to HUF 150.7 bn in 2011. This change was caused by the lower operating profit of the current year.The unfavourable trend in operating profit was further deteriorated by the realized loss in financial result, mainlydue to the FX loss on debtors and creditors and lower dividend received from related parties. These negativeeffects were moderated by the favourable realized and unrealized profit on non-derivative transactions, the lowerimpairment on investment and the impairment on treasury shares compared to the base level.28

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012Return on AssetsProfit after taxTotal assets* 1002011 2012149,89255,241= 4.73 %3,168,477 3,033,242= 1.82 %The significant decrease in the indicator reflects the lower operating profit (mentioned above) and financial resultwhich could not be compensated by the slight decrease in the total shareholders’ equity and liability.ROACE (Return on Average Capital Employed)Operating profit after taxAverage capital employed* 1002011 2012117,61482,756= 24.23 %485,472 470,960= 17.57 %The decrease in the indicator was primarily due to the worsening of the profit after taxation. This effect wasmoderated by the slight decrease in capital 3.0 %.EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) ratioEBITDANet sales revenue* 1002011 2012206,490159,3112,440,248= 8.46 %2,529,519= 6.30 %EBITDA ratio went down in 2012 as a consequence of the HUF 47.2 bn (22.8 %) drop in EBITDA, while the netsales revenue was higher by HUF 89.3 bn (3.7 %). EBITDA development was influenced by the above mentioneditems affected the operating profit. Net sales revenue growth was basically influenced by the increase of crude oilquoted prices.29

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 20125. Cash Flow StatementHUF millionDescription 2011 2012Profit before taxation 150,715 61,258Dividend received (94,322) (56,791)Research expenses 16,395 15,024Exchange rate difference (83,288) 57,084Fair valuation difference 109,103 21,786Asset transfer free of charge (20,525) 523Adjusted profit before taxation 78,078 98,884Depreciation and impairment 92,537 57,215Write off and reversal of write off 26,072 20,576Provision recognition and release, net 6,430 704Gain or loss, realised on sale of non-current assets (109) (455)Change of liabilities to suppliers 7,957 (40,036)Change of other short-term liabilities (28,293) (76,108)Change of accruals (9,324) 579Change of trade receivables (14,975) 7,993Change of current assets (excluding trade receivables and cash) (71,172) 58,463Change of prepayments 4,415 2,458Change of reserves 1,370 (3,112)Corporate tax paid, payable, temporary surplus tax (10,990) (5,988)Dividend paid, payable (23) (45,033)Operating cash flow 81,973 76,140Purchase of non-current assets (41,324) (48,674)Purchase of non-current financial investments (70,235) (62,544)Sale of non-current assets 243 455Sale of non-current financial investments 0 1,081Cash and cash equivalent given free of charge (280) (648)Research expenses (16,395) (15,024)Dividend received 94,322 56,791Investment cash flow (33,669) (68,563)Bonds and debt securities 11,000 0Long-term loans received 178,822 209,635Cash received free of charge 426 409Repayment of bonds and debt securities 0 (5,051)Repayment of long-term credits and loans (258,331) (186,098)Change of short-term credits and loans 3,961 (16,841)Financing cash flow (64,122) 2,054Change of cash (15,818) 9,63130

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 20126. Intangible assetsGross book valueMovementsCapitalizedvalue offormation/reorganizationexpensesCapitalisedresearch anddevelopmentcostPropertyrightsIntellectualpropertyGoodwillHUF millionTotalintangibleassetsOpening balance 01.01.2011 0 1,962 5,133 46,242 57,920 111,257Increase due to purchases 0 1,120 2,258 751 0 4,129Increase due toreclassification0 0 34,575 1,089 0 35,664Other increase 0 0 0 567 0 567Decrease due toreclassification0 (613) (250) (34,233)* 0 (35,096)Other decrease 0 (57) (8) (55) (245) (365)Closing balance 31.12.2011 0 2,412 41,708 14,361 57,675 116,156Increase due to purchases 414 1,220 2,950 1,112 0 5,696Increase due toreclassification310 0 4,750 476 0 5,536Other increase 0 0 0 495 4,853 5,348Decrease due toreclassification0 (391) 0 (4,660) 0 (5,051)Other decrease 0 (18) (21) (14) (788) (841)Closing balance 31.12.2012 724 3,223 49,387 11,770 61,740 126,844* Reclassification of software’s users rights to property rights.31

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012DepreciationMovementsCapitalizedvalue offormation/reorganizationexpensesCapitalisedresearch anddevelopmentcostPropertyrightsIntellectualpropertyGoodwillHUF millionTotalintangibleassetsOpening balance of 01.01.2011 0 0 3,244 34,676 4,461 42,381Of which: Depreciation 0 0 3,189 34,350 0 37,539Impairment 0 0 55 326 4,461 4,842Increase of depreciation 0 0 3,702 1,040 0 4,742Increase of impairment based onmarket valuation0 0 0 0 41,242* 41,242Increase due to reclassification 0 0 25,992** 0 0 25,992Other increase 0 57 101 285 0 443Decrease due to reclassification 0 0 0 (25,992)** 0 (25,992)Other decrease 0 (57) (8) (43) 0 (108)Closing balance 31.12.2011 0 0 33,031 9,966 45,703 88,700Of which: Depreciation 0 0 32,976 9,640 0 42,616Impairment 0 0 55 326 45,703 46,084Increase of depreciation 0 0 4,287 664 0 4,951Increase of impairment based onmarket valuation0 0 0 0 2,840 2,840Increase due to reclassification 0 0 948 0 0 948Other increase 0 18 376 12 788 1,194Decrease due to reclassification 0 0 0 (948) 0 (948)Other decrease 0 (18) (4) (13) (788) (823)Closing balance 31.12.2012 0 0 38,638 9,681 48,543 96,862Of which: Depreciation 0 0 38,583 9,355 0 47,938Impairment 0 0 55 326 48,543 48,924Net book value as of 31.12.2011 0 2,412 8,677 4,395 11,972 27,456Net book value as of 31.12.2012 724 3,223 10,749 2,089 13,197 29,982* Impairment of goodwill in IES S.p.A. amounts to HUF 41,170 million.** Reclassification of the depreciation in connection with softwares to property rights.32

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 20127. Property, plant and equipmentGross book valueMovementsLand andbuilding andrelatedpropertyrightsPlant,machinery andvehiclesOtherequipment,fixtures andvehiclesAssets underconstructionand relatedadvancesHUF millionTotalproperty,plant andequipmentOpening balance 01.01.2011 488,786 384,582 43,780 34,943 952,091Increase due to capitalexpenditure0 0 0 38,622 38,622Capitalisation 15,777 11,403 1,750 (28,930) 0Increase due to reclassification 21 53 6 28 108Other increase 4,260 79 28 2,350 6,717Decrease due to scraping,damages and shortages(342) (4,009)* (683) (51) (5,085)Decrease due to reclassification (78) (26) (56) (597) (757)Other decrease (177) (167) (93) (998) (1,435)Closing balance 31.12.2011 508,247 391,915 44,732 45,367 990,261Increase due to capitalexpenditure0 0 0 38,195 38,195Capitalisation 15,886 19,568 1,587 (37,041) 0Increase due to reclassification 11 21 6 176 214Other increase 3 12 6 420 441Decrease due to scraping,damages and shortages(570) (1,922) (978) (519) (3,989)Decrease due to reclassification (136) (33) (388) (660) (1,217)Other decrease (1,021) (405) (532) (1,718) (3,676)Closing balance 31.12.2012 522,420 409,156 44,433 44,220 1,020,229* This amount contains refinery catalyst scrapings in value of HUF 2,452 million.33

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012DepreciationMovementsLand andbuilding andrelatedpropertyrightsPlant,machinery andvehiclesOtherequipment,fixtures andvehiclesAssets underconstructionand relatedadvancesHUF millionTotalproperty,plant andequipmentOpening balance 01.01.2011 307,531 302,488 38,062 66 648,147Of which: Depreciation 286,492 301,250 37,990 0 625,732Impairment 21,039 1,238 72 66 22,415Increase of depreciation 22,897 21,367 2,013 0 46,277Increase of impairment based onmarket valuation3,814* 1 2 0 3,817Other increase 894 228 56 51 1,229Reversal of impairment (3,863)* (4) 0 0 (3,867)Decrease due to scraping,damages and shortages(342) (4,009)** (683) (51) (5,085)Other decrease (186) (204) (107) 0 (497)Closing balance 31.12.2011 330,745 319,867 39,343 66 690,021Of which: Depreciation 309,769 318,644 39,270 0 667,683Impairment 20,976 1,223 73 66 22,338Increase of depreciation 23,845 18,932 1,827 0 44,604Increase of impairment based onmarket valuation4,912* 12 13 0 4,937Other increase 66 570 54 519 1,209Reversal of impairment (1,730)* 0 0 0 (1,730)Decrease due to scraping,damages and shortages(570) (1,922) (978) (519) (3,989)Other decrease (120) (238) (913) 0 (1,271)Closing balance 31.12.2012 357,148 337,221 39,346 66 733,781Of which: Depreciation 333,037 335,994 39,266 0 708,297Impairment 24,111 1,227 80 66 25,484Net book value as of31.12.2011177,502 72,048 5,389 45,301 300,240Net book value as of31.12.2012165,272 71,935 5,087 44,154 286,448Items marked with * contain the impairment related to field abandonment provision capitalised in the value ofmining properties, and the reversal of previous years’ impairment. (See also Note 3.4.6.)** This amount contains refinery catalyst scrapings in value of HUF 2,425 million.34

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 20128. DepreciationDepreciationDescriptionHUF millionStraight-line Unit of production Lump sum Total value2011 2012 2011 2012 2011 2012 2011 2012Property rights 3,700 4,283 0 0 2 4 3,702 4,287Intellectual property 1,040 664 0 0 0 0 1,040 664Intangible assets 4,740 4,947 0 0 2 4 4,742 4,951Land and building and relatedproperty rights11,436 10,994 11,461 12,851 0 0 22,897 23,845Plant, machinery and vehicles 18,785 16,070 2,574 2,853 8 9 21,367 18,932Other equipment, fixtures andvehicles1,890 1,650 0 0 123 177 2,013 1,827Property, plant andequipment32,111 28,714 14,035 15,704 131 186 46,277 44,604Total: 36,851 33,661 14,035 15,704 133 190 51,019 49,555Impairment and reversal of impairmentDescriptionImpairment basedon market valuationImpairment due toscrapping, damagesand shortagesReversal ofimpairmentHUF millionTotal value2011 2012 2011 2012 2011 2012 2011 2012Property rights 0 0 57 18 0 0 57 18Intellectual property 0 0 0 12 0 0 0 12Goodwill 41,242 2,840 0 788 0 0 41,242 3,628Intangible assets 41,242 2,840 57 818 0 0 41,299 3,658Land and building andrelated property rightsPlant, machinery andvehiclesOther equipment, fixturesand vehicles3,814* 4,912* 94 51 3,863* 1,730* 45 3,2331 12 107 220 4 0 104 2322 13 17 7 0 0 19 20Assets under construction 0 0 51 519 0 0 51 519Property, plant andequipment3,817 4,937 269 797 3,867 1,730 219 4,004Total: 45,059 7,777 326 1,615 3,867 1,730 41,518 7,662Items marked with * contain the impairment of field abandonment provision capitalised in the value of miningproperties, and the reversal of previous years’ impairment. (See also Note 3.4.6.)35

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 20129. Revision of estimated useful life of intangible assets and property, plant and equipmentThe impact on P&L and balance sheet of revision of useful life of tangible assets results HUF 626 million in 2012,meanwhile the revision of useful life of intangible assets was not significant (the impact on P&L and balance sheetamounts to HUF 12 million).See also Note 3.4.3. Depreciation policy, annual review of economic useful life.10. Property, plant and equipment used for environmental protectionGross book valueMovementsLand andbuilding andrelatedpropertyrightsPlant,machineryand vehiclesOtherequipment,fixtures andvehiclesAssetsunderconstructionHUF millionTotalproperty,plant andequipmentOpening balance 01.01.2011 18,347 5,755 985 167 25,254Increase due to capitalexpenditure0 0 0 419 419Capitalisation 82 154 9 (245) 0Other increase 1 0 0 42 43Other decrease (2) (24) 0 (204) (230)Closing balance 31.12.2011 18,428 5,885 994 179 25,486Increase due to capital0 0 0 242 242expenditureCapitalisation 449 156 2 (607) 0Other increase 24 0 0 296 320Other decrease (1) (67) (2) (1) (71)Closing balance 31.12.2012 18,900 5,974 994 109 25,977DepreciationMovementsLand andbuilding andrelatedpropertyrightsPlant,machineryand vehiclesOtherequipment,fixtures andvehiclesAssetsunderconstructionHUF millionTotalproperty,plant andequipmentOpening balance 01.01.2011 8,299 4,019 898 0 13,216Increase of depreciation 964 381 18 0 1,363Other decrease (2) (24) 0 0 (26)Closing balance 31.12.2011 9,261 4,376 916 0 14,553Increase of depreciation 830 300 20 0 1,150Other increase 21 0 0 0 21Other decrease (1) (67) (2) 0 (70)Closing balance 31.12.2012 10,111 4,609 934 0 15,654Net book value as of31.12.2011Net book value as of31.12.20129,167 1,509 78 179 10,9338,789 1,365 60 109 10,32336

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 201211. Research and developmentHUF million2011 2012Research and ExpenditureOf the expenditureExpenditureOf the expendituredevelopment areas in currentin currentaccountedcapitalised accounted ascapitalisedyearyearas costcostDomestic HC exploration 15,301 0 15,301 14,006 0 14,006Foreign HC exploration 702 0 702 507 0 507Technology and assetdevelopment1,102 888 214 1,254 908 346Product development 213 35 178 314 210 104Environmental protection 9 9 0 70 18 52Other (studies) 188 188 0 93 84 9Total: 17,515 1,120 16,395 16,244 1,220 15,02412. Hazardous waste and environmentally harmful substances (not audited)EWCcategory0105Title of hazardous waste groupWastes from research, mining, quarrying,physical and chemical treatment of mineralsWastes from petroleum refining, natural gaspurification and coal pyrolityc treatmentAdjustedopeningquantityIncrease incurrent yearDecreasein currentyearrounded to tonsClosingquantity0 275 275 07,642 10,450 3,500 14,59206 Wastes from inorganic chemical processes 0 15 15 007 Wastes from organic chemical processes 0 240 240 01012Wastes from thermic manufacturingprocessesWastes from shaping, physical andmechanical surface treatment of metals andplastics0 7 7 01 132 125 813 Oil wastes and wastes of liquid fuels 7,923 17,518 18,661 6,78015Packaging waste, absorbents, filter materials,wiping cloths and protective clothing (notdetailed)55 746 749 5216 Not detailed waste materials in the catalogue 129 6,972 6,892 2091719Building and demolition wastes (including soilextraction from contaminated area)Wastes from waste treatment facilities, wastewater treatment plants (treatment of wastewater out from the original plant), theservices of drinking water and industrialwater105 18,397 18,435 671,496 5,616 5,260 1,85237

EWCcategoryMOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012Title of hazardous waste groupAdjustedopeningquantityIncrease incurrent yearDecreasein currentyearClosingquantity20Municipal waste (domestic waste, and similarwastes of trade, industry and institution),0 26 26 0including selective wasteThe classification of hazardous waste and assignment of individual waste types and categories to codes areregulated in compliance with EU norms. There is no record keeping of hazardous waste materials in value only inquantity.13. Long-term investments13.1. MOL Plc.’s subsidiaries, classified as long-term investmentsID1.2.3.4.5.6.7.8.9.10.11.12.38Name of the companyINA d.d.Croatia, Zagreb, AvenijaVeceslava Holjevca 10.Slovnaft, a.s.Slovak Republic, Bratislava,Vlčie hrdlo 1.Italiana Energia e ServiziS.p.A.Italy, Mantova, StradaCipata 79.TVK Nyrt.Tiszaújváros, TVK Ipartelephrsz:2119/3Theatola Ltd.*Cyprus, Nicosia, SpyrouKyrpianou Avenue 20.FGSZ Földgázszállító Zrt.Siófok, Tanácsház u. 5.Kalegran Ltd.Cyprus, Nicosia, AcropolisAvenue 59-61.MOL Romania PP Srl.Romania, Cluj-Napoca,Calea Dorobantilor nr. 14-16.TIFON d.o.o.Croatia, Zagreb,Alexandera von Humboldta4/V.MOL Caspian Ltd.Cyprus, Nicosia, AcropolisAvenue 59-61.MMBF Zrt.Budapest, Budafoki út 79.Bohemia Realty Companys.r.o.Czech Republic,Praha 6, Drnovská 1042/28Ownership%Grossbookvalue2011 2012Accumulatedimpairmentand reversalNet bookvalueOwnership%Gross bookvalueAccumulatedimpairmentand reversalHUF millionNet bookvalue49.08 424,537 0 424,537 49.08 396,968 0 396,96898.41 377,519 0 377,519 98.41 353,445 0 353,445100.00 90,926 68,629 22,297 100.00 214,759 68,629 146,13086.79 120,263 0 120,263 94.86 123,819 0 123,819- - - - 100.00 135,299 19,672 115,627100.00 83,589 0 83,589 100.00 83,589 0 83,58999.99 33,344 8,763 24,581 99.99 48,648 13,034 35,614100.00 27,713 0 27,713 100.00 25,268 0 25,268100.00 25,783 0 25,783 100.00 24,108 0 24,10899.99 24,368 0 24,368 99.99 23,451 0 23,45172.46 21,376 0 21,376 72.46 20,013 0 20,013- - - - 100.00 18,353 0 18,353

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012ID13.14.15.16.17.18.19.20.21.22.23.24.25.26.27.28.29.30.Name of the companyIntermol d.o.o.**Serbia, Beograd,Omladinskih Brigada 88/VPronodar Ltd.Cyprus, Nicosia, AcropolisAvenue 59-61.MOL Slovenija d.o.o.Slovenia, Murska Sobota,Lendavska 5.MOL Austria GmbH.Austria, Wien,Gartenbaupromenade 2.Petrolszolg Kft.Százhalombatta,Olajmunkás út 2.Geofizikai Szolgáltató Kft.Budapest, Szántóföld u. 7-9.Roth Heizöle GmbH.Austria, Graz, Conrad-von-Hötzendorferstraße 160.MOL-LUB Kft.Almásfüzítő, Fő út 21.Hawasina GmbH.Switzerland, Zug,Bundesstr. 3.MOLTRADE-MineralimpexZrt.Budapest, Budafoki u 79.Terméktároló Zrt.Budapest, Montevideo u.16/B.Panfora Oil & Gas s.r.l.***Romania, Cluj-Napoca,Calea Dorobantilor nr.14-16.Geoinform Kft.Szolnok, Kőrösi út 43.E.M.S. ManagementServices Ltd.Cyprus, Larnaka, CityHouse,Artemidos AvenueFER Tűzoltóság ésSzolgáltató Kft.Százhalombatta,Olajmunkás u. 2.MOLTRANS Kft.Budapest, Petróleumkikötőu. 5-7.MOL Pakistan Oil and GasCo. B.V.The Netherlands,Amsterdam, Hemonystraat11.MOL Germany GmbH.(MK Mineralkontor GmbH.)Ownership%Grossbookvalue2011 2012Accumulatedimpairmentand reversalNet bookvalueOwnership%Gross bookvalueAccumulatedimpairmentand reversalNet bookvalue100.00 15,795 0 15,795 100.00 14,165 3,735 10,43099.99 27,832 17,245 10,587 99.99 27,234 17,873 9,361100.00 7,302 5 7,297 100.00 6,837 5 6,832100.00 5,301 0 5,301 100.00 4,963 0 4,963100.00 5,126 1,183 3,943 100.00 3,708 0 3,708100.00 1,890 0 1,890 100.00 3,403 0 3,40349.80 3,624 0 3,624 49.80 3,393 0 3,393100.00 2,603 0 2,603 100.00 2,603 0 2,603100.00 3,568 3,568 0 100.00 6,405 4,203 2,202100.00 1,340 0 1,340 100.00 1,340 0 1,34074.07 1,200 0 1,200 74.07 1,200 0 1,200- - - - 50.00 1,165 0 1,165100.00 1,125 0 1,125 100.00 1,125 0 1,12599.99 15 15 0 99.99 1,032 87 94591.84 693 0 693 91.84 693 0 693100.00 619 0 619 100.00 619 0 619100.00 623 0 623 100.00 572 0 572100.00 268 0 268 100.00 515 0 51539

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012ID31.32.33.34.35.36.37.38.39.40.41.42.43.44.45.46.47.Name of the companyGermany, München, OttoStrasse 5.UBA Services Ltd.Cyprus, Nicosia, AcropolisAvenue 59-61.MOL-RUSS OOORussia, Moscow,Kosmodamianskaya nab.,d. 52. str. 3.MOL ReinsuranceCompany Ltd.Cyprus, Nicosia, Arch.Makariou III. EvagorouAvenueMOL Ukraine Llc.Ukraine, Kijev, MoskovskyiAve. 23.Multipont Program Zrt.Budapest, Budafoki út 79.MOL Commodity TradingKft.Budapest, Októberhuszonharmadika u. 18.MOL Central Asia B.V.The Netherlands,Amsterdam, Hemonystraat11.Tadmor Ltd.Malta, Sliema, BisazzaStreet, Regent House 52.Platounko Investments Ltd.Cyprus, Nicosia, AcropolisAvenue 59-61.HEXÁN Kft.Százhalombatta, Ipartelephrsz: 2704/1Bravoum Investments Ltd.Cyprus, Nicosia, AcropolisAvenue 59-61.Alfagas Kft.Záhony, Ady E. út 17. I/1.Tűzoltó és Műszaki MentőKft.Tiszaújváros, Tűzoltó u. 1.MOL Libya Ltd.Malta, Sliema, BisazzaStreet, Regent House 52.MOL Group Finance SALuxembourg, Luxembourg,rue des Maraichers 102.MOL Vagyonkezelő Kft.(Hermész Tanácsadó Kft.)Budapest, Budafoki út. 59.Ménrót Kft.Szolnok, Ady Endre út 26.Ownership%Grossbookvalue2011 2012Accumulatedimpairmentand reversalNet bookvalueOwnership%Gross bookvalueAccumulatedimpairmentand reversalNet bookvalue99.99 677 390 287 99.99 654 390 264100.00 146 0 146 100.00 142 0 142100.00 113 0 113 100.00 103 0 103- - - - 100.00 69 0 6981.00 65 0 65 81.00 65 0 65100.00 50 0 50 100.00 50 0 50100.00 5,084 5,084 0 100.00 5,072 5,032 40100.00 35 0 35 100.00 35 0 3599.99 36 32 4 99.99 41 14 27100.00 25 0 25 100.00 25 0 2599.99 23 0 23 99.99 24 0 2460.00 186 163 23 60.00 186 163 2330.00 1 0 1 60.00 12 0 1299.99 5 0 5 99.99 9 0 9- - - - 100.00 9 0 998.18 5 0 5 100.00 6 0 698.18 5 0 5 100.00 6 0 640

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012ID48.49.50.51.52.53.54.55.56.57.58.59.60.61.62.63.Name of the companyMH Oil and Gas B.V.The Netherlands,Amsterdam, Hemonystraat11.MK Oil and Gas B.V.The Netherlands,Amsterdam, Hemonystraat11.BHM Oil Invest Ltd.Cyprus, Nicosia, AcropolisAvenue 59-61.MCT Slovakia S.r.o.Slovak Republic, Bratislava,Vlčie hrdlo 1.Antinum Kft.Budapest, Októberhuszonharmadika u 18.Emona Investment Kft.Budapest, Októberhuszonharmadika u 18.Ticinum Kft.Budapest, Októberhuszonharmadika u 18.MOL Yemen Ltd.Cyprus, Nicosia, AcropolisAvenue 59-61.ENERGOPETROL d.d.Bosnia and Herzegovina ,Sarajevo, Marsala TitaStreet 36.MOL Oman Ltd.(Lamorak Enterprises Ltd).Cyprus, Nicosia, AcropolisAvenue 59-61.BMN Investment Ltd.Cyprus, Nicosia, AcropolisAvenue 59-61.MOL Agram d.o.o.****Croatia, Zagreb, Fallerovošetalište 22.RUSI Services Ltd.Cyprus, Nicosia, AcropolisAvenue 59-61.Pyrogol Ltd.Cyprus,Nicosia, AcropolisAvenue 59-61.PAP Oil Cerpaci Stanices.r.o.*****Chech Republic, Praha 6,Drnovská 1042/28I&C Energo a.s.******Chech Republic, Trebic,Prazská 684/49Ownership%Grossbookvalue2011 2012Accumulatedimpairmentand reversalNet bookvalueOwnership%Gross bookvalueAccumulatedimpairmentand reversalNet bookvalue100.00 6 0 6 100.00 5 0 5100.00 6 0 6 100.00 5 0 599.99 50 48 2 99.99 57 56 130.00 1 0 1 30.00 1 0 1- - - - 100.00 1 0 1- - - - 100.00 1 0 1- - - - 100.00 1 0 199.99 20,860 20,860 0 99.99 20,860 20,860 033.50 4,974 4,974 0 33.50 4,974 4,974 099.99 2,995 2,995 0 99.99 2,998 2,998 0100.00 2,435 2,435 0 100.00 2,487 2,487 0100.00 1,141 1,141 0 100.00 1,141 1,141 099.99 706 705 1 99.99 708 708 099.99 626 625 1 99.99 629 629 0- - - - 100.00 0 0 099.00 7,991 0 7,991 - - - -Total 1,356,589 138,860 1,217,729 1,589,068 166,690 1,422,37841

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012The ownership and voting rights are the same in all companies contained in the table except for Alfagas Zrt., wherethe 60 % ownership provides 50 % voting rights to MOL Plc..Long-term investments not involved in full consolidation: MOL Agram d.o.o., Alfagas Kft., Hexán Kft., MH Oil andGas B.V., MK Oil and Gas B.V., Bravoum Investments Ltd., MOL Libya Ltd., Tadmor Ltd., Tűzoltó és MűszakiMentő Kft., Antinum Kft., Emona Investment Kft., Ticinum Kft..* Theatola Ltd. was established in 2011, in which MOL CIS Ltd., USI Ltd., Greentrade Ltd. and SHM SevenInvestments Ltd. were transferred as contribution in kind. It was accounted as non-registered investment amongother receivables at 31 December 2011.** Intermol d.o.o. from January 2013: MOL Serbia d.o.o.*** Panfora Oil & Gas s.r.l. was established in 2011 together with MOL Romania PP.Srl, which was registered in2012.**** MOL Agram d.o.o. is under dissolution procedure.***** The book value of PAP Oil Cerpaci Stanice s.r.o. has been accounted as goodwill.****** I&C Energo a.s. has been sold in 2012.13.2. MOL Plc.’s joint venture, classified as long-term investmentID1.2.3.4.5.Name of the companyCM European PowerInternational B.V.The Netherlands,Rotterdam, Weena 340.Rossi Biofuel Zrt.Komárom, Kőolaj u. 2.CEGE Közép-európaiGeotermikus EnergiaTermelő Zrt.*Budapest, Októberhuszonharmadika u. 18.SEP Company Kft.Budapest, Októberhuszonharmadika u. 18.MOL-RAG West Kft.Budapest, Bocskai út134-146.Owner-ship%Grossbookvalue2011 2012Accumulatedimpairmentand reversalNet bookvalueOwner-ship%GrossbookvalueAccumulatedimpairmentand reversalHUF millionNet bookvalue50.00 11,372 0 11,372 50.00 10,647 0 10,64725.00 350 0 350 25.00 350 0 35050.00 381 209 172 50.00 411 209 20250.00 150 87 63 50.00 150 87 6350.00 1 0 1 50.00 1 0 1Total: 12,254 296 11,958 11,559 296 11,263* MOL Plc.’s share in CEGE Zrt. has increased up to 53% based on a one-sided capital increase registered onCourt of Registration on 4 February 2013. CEGE Zrt. will be reclassified as subsidiary of the company in 2013.42

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 201213.3. MOL Plc.’s associated companies, classified as long-term investmentsID1.2.3.4.Name of the companyMOL Energiakereskedő Zrt.Budapest, Benczúr u 13/B.MET Holding AGSwitzerland, Zug,Baarerstrasse 141.MESSER MOL Gáz Kft.Budapest, Váci út 117.TOP Finance SzámviteliSzolgáltató Kft.Budapest, Batthyány u. 45.Ownership%Grossbookvalue2011 2012Accumulatedimpairmentand reversalNet bookvalueOwnership%GrossbookvalueAccumulatedimpairmentand reversalHUF millionNet bookvalue50.00 866 0 866 40.00 636 0 636- - - - 40.00 10 0 1025.00 87 1 86 25.00 87 1 8626.00 1 0 1 26.00 1 0 1Total: 954 1 953 734 1 73313.4. Shareholders’ equity of MOL Plc.’s subsidiaries and certain key investmentsUnaudited data for informational purposesIDName of the companySubsidiaries:Shareholders’equityShare capitalShare premium,retained earnings,tied-up reserveand fair valuationreserveHUF millionNet income for20121. INA d.d. 598,338 347,310 199,858 51,1702. Slovnaft, a.s. 441,541 199,463 216,753 25,3253. FGSZ Földgázszállító Zrt. 150,752 18,823 97,213 34,7164. Theatola Ltd. 134,777 0 133,685 1,0925. TVK Nyrt. 123,424 24,534 98,890 06. Italiana Energia e Servizi S.p.A. 110,406 7,573 120,570 (17,737)7. Kalegran Ltd. 60,825 17 59,879 9298. MMBF Zrt. 43,538 24,071 9,804 9,6639. MOL Romania PP Srl. 39,045 15,912 18,245 4,88810. Pronodar Ltd. 22,383 4 22,404 (25)11. MOL Caspian Ltd. 16,655 4 16,736 (85)12. TIFON d.o.o. 14,032 21,331 (7,134) (165)13. ENERGOPETROL d.d. (11,843) 10,226 (16,646) (5,423)14. Bohemia Realty Company s.r.o. 9,730 10,460 (739) 915. MOL Slovenija d.o.o. 8,369 4,952 2,586 83116. MOL Central Asia B.V. 8,116 2,169 5,080 86717. MOL Reinsurance Company Ltd. 7,859 507 5,802 1,55018. HAWASINA GmbH. 7,470 380 7,124 (34)19. Intermol d.o.o. 7,344 13,659 (5,024) (1,291)20. MOLTRADE-Mineralimpex Zrt. 5,656 1,627 3,027 1,00221. Geoinform Kft. 4,563 1,125 2,131 1,30722. MOL Austria GmbH. 4,110 106 4,032 (28)43

IDMOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012Name of the companyShareholders’equityShare capitalShare premium,retained earnings,tied-up reserveand fair valuationreserveNet income for201223. Geofizikai Szolgáltató Kft. 3,977 1,890 5,313 (3,226)24. Petrolszolg Kft. 3,710 716 1,899 1,09525. MOL-LUB Kft. 2,513 2,603 (207) 11726. Terméktároló Zrt. 2,399 1,620 79 70027. Panfora Oil & Gas s.r.l. 2,325 2,331 0 (6)28. MOL Pakistan Oil & Gas Co. B.V. 1,339 131 492 71629.FER Tűzoltóság és SzolgáltatóKft.1,122 640 388 9430. MOLTRANS Kft. 623 619 94 (90)31. Tűzoltó és Műszaki Mentő Kft. 448 3 437 832.MOL Germany GmbH (MKMineralkontor GmbH)437 15 162 26033. Roth Heizöle GmbH. 423 10 281 13234. MOL Commodity Trading Kft. 416 50 92 27435. MOL Agram d.o.o. * 373 1,296 (1,103) 18036. UBA Services Ltd. 256 557 (295) (6)37. MOL-RUSS OOO 164 142 56 (34)38. Hexán Kft. 101 7 33 6139. BMN Investment Ltd. (100) 12 (103) (9)40. Alfagas Kft. 96 10 52 3441. MOL Ukraine Llc. 78 1 50 2742. Multipont Program Zrt. 52 16 61 (25)43.MOL Vagyonkezelő Kft.(Hermész Tanácsadó Kft.)50 5 48 (3)44. E.M.S. Management Services Ltd. 29 8 546 (525)45. MOL Yemen Ltd. 27 652 21,131 (21,756)46. MOL Group Finance SA 21 9 0 1247. Platounko Investments Ltd. 17 3 18 (4)48. BHM Oil Invest Ltd. 10 37 (21) (6)49. Ménrót Kft. 6 5 1 050. MCT Slovakia S.r.o. 4 1 57 (54)51. Tadmor Ltd. ** 3 4 2 (3)52. Bravoum Investments Ltd. 2 3 2 (3)53. MH Oil and Gas B.V. ** 1 6 (5) 054. MK Oil and Gas B.V. ** 1 6 (5) 055. MOL Libya Ltd. ** 1 6 (2) (3)56. Emona Investment Kft. 0 1 0 (1)57. Ticinum Kft. 0 1 0 (1)58. Antinum Kft. 0 1 0 (1)59. Pyrogol Ltd. 0 2 2 (4)60. RUSI Services Ltd. (1) 55 (52) (4)44

IDMOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012Name of the companyShareholders’equityShare capitalShare premium,retained earnings,tied-up reserveand fair valuationreserveNet income for201261.MOL Oman Ltd. (LamorakEnterprises Ltd.)(75) 1,031 (1,051) (55)62. PAP Oil Cerpaci Stanice s.r.o. (245) 12 (259) 2Joint ventures:63.CM European Power InternationalB.V.19,040 16,468 5,547 (2,975)64. ROSSI Biofuel Zrt. 7,822 1,400 4,188 2,23465.CEGE Közép-európaiGeotermikus Energia Termelő Zrt. 397 105 353 (61)66. SEP Company Kft. 71 281 (98) (112)67. MOL-RAG West Kft. ** 5 1 27 (23)Associated companies:68. MOL Energiakereskedő Zrt. 17,241 2,295 5,095 9,851Companies having registered office in Hungary are presented according to Hungarian Accounting Act andcompanies with registered office abroad are presented according to IFRS.* Data presented in the Annual Report as at 31 December 2006.** Data presented in the Annual Report as at 31 December 2011.13.5. MOL Plc.’s other investments, classified as long-term investments2011 2012HUF millionID1.2.Name of the companyPearl Petroleum CompanyLtd.British Virgin Islands, Tortola,Road Town, FlemmingHouse, Wichams CayOTP Bank Nyrt.Budapest, Nádor u. 16.Ownership%GrossbookvalueAccumulatedimpairmentand reversalNet bookvalueOwnership%GrossbookvalueAccumulatedimpairmentand reversalNet bookvalue10.00 69,509 0 69,509 10.00 63,805 0 63,8058.57 55,468 0 55,468 8.57 55,468 0 55,4683.Budapesti Értéktőzsde Zrt.Budapest, Andrássy út 93.2.18 431 0 431 2.18 431 0 431OVERDOSE Vagyonkezelő4. Kft.10.00 40 0 40 10.00 40 0 40Budapest, Acélcső u. 2-22.5.NGF NemzetköziGazdaságfejlesztési Kht.„f.a.”* Budapest, Lajos u. 160-11.49 1 0 1 11.49 1 0 1162.Nabucco Doğal Gaz Boruhatti İnşaati ve İşletmeciliği6. Limited Şirketi**Turkey, Ankara, Bilkent PlazaA-2 Blok Kat: 60.50 0 0 0 0.50 0 0 0Total: 125,449 0 125,449 119,745 0 119,745* The company is in under liquidation.** The gross value of investment is under HUF 1 million.45

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 201213.6. Impairment of long-term investments and its reversalHUF millionDescriptionSubsidiariesJointventuresAssociatedcompaniesOtherinvestmentsTotalClosing gross balance of 2011 1,356,589 12,254 954 125,449 1,495,246Closing gross balance of 2012 1,589,068 11,559 734 119,745 1,721,106Opening impairment balance of 2011 74,947 87 1 0 75,035Increase of impairment* 94,299 209 0 0 94,508Decrease of impairment due to writeoff**Increase of impairment due toreclassification19,504 0 0 0 19,5045,210 0 0 0 5,210Reversal of impairment*** 16,200 0 0 0 16,200Reversal of impairment due to write off 108 0 0 0 108Closing impairment balance of 2011 138,860 296 1 0 139,157Increase of impairment**** 29,011 0 0 0 29,011Decrease of impairment due to write off 587 0 0 0 587Increase of impairment due toreclassification72 0 0 0 72Reversal of impairment 925 0 0 0 925Reversal of impairment due to write off 259 0 0 0 259Closing impairment balance of 2012 166,690 296 1 0 166,987Closing net balance of 2011 1,217,729 11,958 953 125,449 1,356,089Closing net balance of 2012 1,422,378 11,263 733 119,745 1,554,119* In 2011 72.62 % of the impairment valued at HUF 68,629 million related to impairment on investment of IESS.p.A..** The reason of decrease of impairment is the derecognition of four Russian subsidiaries in 2011 as contribution inkind.*** In 2011 significant proportion (94.14 %) of reversal of impairment related to Intermol d.o.o..****From the accounted impairment in 2012 67.81 % relates to Theatola Ltd. (HUF 19,672 million), and further14.72 % relates to Kalegran Ltd. (HUF 4,271 million).46

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 201214. Details of long-term loans to related parties and other investmentsHUF millionDescription 2011 2012HUF loans to related parties 142,806 115,874Loans disbursed in EUR 233,907 124,791Loans disbursed in USD 71,631 80,610Loans disbursed in RUB 8,376 20,076Loans disbursed in HRK 9,689 8,560FX loans to related parties 323,603 234,037Total long-term loans to related parties 466,409 349,911Loans disbursed in USD 15,226 10,552Total long-term loans to other investments 15,226 10,55215. Impairment on long-term loansHUF millionDescriptionLong-termloans torelated partiesLong-term loansto otherinvestmentsOther longtermloansTotalClosing gross balance of 2011 468,262 15,226 7 483,495Closing gross balance of 2012 351,231 10,552 1 361,784Opening balance of impairment 2011 66,765 0 0 66,765Increase of impairment 1,340 0 0 1,340Decrease of impairment* (66,252) 0 0 (66,252)Closing impairment balance of 2011 1,853 0 0 1,853Increase of impairment 0 0 0 0Decrease of impairment (533) 0 0 (533)Closing impairment balance of 2012 1,320 0 0 1,320Closing net balance of 2011 466,409 15,226 7 481,642Closing net balance of 2012 349,911 10,552 1 360,464* The decrease in impairment was attributable to the capital increase with loan barter in 2011.47

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 201216. Non-current assets disposable within a year, reclassified to inventoriesHUF millionDescriptionGross bookvalueImpairmentImpairmentReversal ofimpairmentNet bookvalueLand and building and relatedproperty rights1,672 993 189 7 497Plant, machinery and vehicles 2 2 0 0 0Total reclassification in 2011 1,674 995 189 7 497Land and building and relatedproperty rights1,789 1,084 182 0 523Plant, machinery and vehicles 21 21 0 0 0Other equipment, fixtures andvehicles375 373 0 0 2Total reclassification in 2012 2,185 1,478 182 0 52517. Write off of inventoriesThe opening balance of write off of inventories amounts to HUF 3 million, the closing balance amounts to HUF 176million. The most significant item is the impairment of finished products with the value of HUF 110 million.18. Receivables from related partiesHUF millionDescription 2011 2012Receivables from subsidiaries 193,951 127,866Receivables from the supply of goods and services 77,857 86,680Receivables from short-term loans 110,249 39,491Other receivables 5,845 1,695Receivables from joint ventures 1,558 5,561Receivables from short-term loans 0 4,824Receivables from the supply of goods and services 1,558 736Other receivables 0 1Receivables from associated companies 289 93Receivables from the supply of goods and services 289 92Other receivables 0 1Total: 195,798 133,52048

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 201219. Other receivablesHUF millionDescription 2011 2012Receivables related to financial investments* 148,594 25,926Book value of lent MOL shares 6,039 6,609Deposit** 10 5,584Tax to be refunded 12,448 1,958Receivables from joint operation 1,546 1,136Advance payment for services 165 233Receivables purchased and received 309 210Various other receivables 1,783 293Total: 170,894 41,949* The balance of 2011 includes the value of investments given as in kind contribution (HUF 141,739 million) basedon Articles of Association until registration in Court of Registration. The balance of 2012 contains the capitalincrease not registered amounts to HUF 19,982 million.** The value of 2012 contains the deposit of letter of credit related to the purchase of import sulphur diesel oil.20. Valuation of receivablesHistorical costHUF millionDescriptionTradereceivablesReceivablesfrom relatedpartiesOtherreceivablesDerivativetransactionsTotalreceivables31.12.2011 Closing balance 112,399 197,094 173,105 19,693 502,291Of which: receivables impaired 1,707 1,292 8,293* 0 11,29231.12.2012 Closing balance 97,854 133,525 43,540 18,011 292,930Of which: receivables impaired 1,388 1,168 8,223 * 0 10,779* The original value of lent treasury shares where impairment is accounted for, classified as other receivablesamounts to HUF 8,020 million in 2011 and 2012.The decrease of book value of other receivables is mainly resulted by registration on court in 2012 the notregistered companies given as contribution in kind in 2011(HUF 141,739 million).49

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012Impairment/ Reversal of impairmentHUF millionDescriptionTradereceivablesReceivablesfrom relatedpartiesOtherreceivablesDerivativetransactionsTotalreceivables01.01.2011 Opening balance 1,225 1,293 13,648 0 16,166Impairment change* 66 3 (20,032) 0 (19,963)Reversal of impairmentchange0 0 8,595 0 8,59531.12.2011 Closing balance 1,291 1,296 2,211 0 4,798Impairment change** (230) (1,548) (3,902) 0 (5,680)Reversal of impairmentchange0 257 3,282 0 3,53931.12.2012 Closing balance 1,061 5 1,591 0 2,657Net income for the periodended 31.12.2011111,108 195,798 170,894 19,693 497,493Net income for the periodended 31.12.201296,793 133,520 41,949 18,011 290,273* From the decrease of impairment in 2011, HUF 15,423 million realised due to financial settlements, and HUF 327million realised from write off receivables. The accounted impairment values HUF 2,059 million in 2011.** From the decrease of impairment in 2012, HUF 5,361 million realised due to financial settlements, and HUF1,882 million realised from write off receivables. The accounted impairment values HUF 1,909 million in 2012.21. Short-term investments21.1. Investment to be sold, liquidated or wound up, classified as short-term investments2011 2012HUF millionIDName of the companyOwnership%GrossbookvalueAccumulatedimpairmentand reversalNet bookvalueOwnership%GrossbookvalueAccumulatedimpairmentand reversalNet bookvalue1.TVK Italia S.r.l.Italy, Milano,- - - - 100.00 396 0 396Via PietroTeulie 1.Balatongáz Kft. “under2. liquidation”77.22 505 505 0 - - - -Monostorapáti, Iskola u. 1.Total divested subsidiaries 505 505 0 396 0 396Pusztaföldvár Földgáztároló1.Zrt. “v.a.”*Budapest Október50.00 123 37 86 - - - -huszonharmadika u. 18.Total divested joint ventures 123 37 86 0 0 0IN-ER Erőmű Kft.1. Nagykanizsa, Kölcsey F. u.13/A30.00 6 0 6 30.00 6 0 650

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012IDName of the companyOwnership%Grossbookvalue2011 2012Accumulatedimpairmentand reversalNet bookvalueOwnership%GrossbookvalueAccumulatedimpairmentand reversalNet bookvalue2.Magyar-Amerikai Geotermia(MAG) Kft. ”v.a.”Budapest, Október25.00 1 1 0 25.00 1 1 0huszonharmadika u. 18.Total divested associates 7 1 6 7 1 61.OMV AG**Wien, Otto-Wagner Platz 5.0 0 0 0 0 0Total divested investments 635 543 92 403 1 402* The liquidation procedure of Balatongáz Kft., and the winding up procedure at Pusztaföldvár Földgáztároló Zrt.have been finished.** OMV AG: the value of investment is under HUF 1 million (book value is HUF 69 th as of 31.12.2012.)21.2. Impairment and reversal of impairment on short-term investmentsIn 2011, the closing balance of impairment on investments in affiliated companies accounted as current assetsamounted to HUF 543 million. From this, HUF 505 million related to shares of subsidiaries, and HUF 37 millionrelated to joint ventures. Due to derecognising the impairment of concerned subsidiaries and joint ventures, thevalue of total impairment decreased by HUF 542 million in 2012. The closing value is HUF 1 million relates toassociated company.22. Changes of treasury shares in the current yearDescription / TitleNumber of shares(pieces)Book value of shares(HUF million)Opening balance of treasury shares in 2011 7,435,315 140,057Sold treasury shares (2,914,692) (54,905)Impairment of treasury shares - (21,461)Derecognised reversal of impairment - (6,970)Decreases (2,914,692) (83,336)Resumed lent treasury shares 1,273,271 25,312Derecognise of impairment - 6,970Increases 1,273,271 32,282Closing balance of treasury shares in 2011 5,793,894 89,003Sold treasury shares (646,361) (12,176)Lend treasury shares (371,301) (8,020)Derecognised reversal of impairment - (1,546)Decreases (1,017,662) (21,742)Resumed lent treasury shares 371,301 8,020Reversal of impairment - 7,440Derecognise of impairment - 3,077Increases 371,301 18,537Closing total of treasury shares in 2012 5,147,533 85,79851

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 201223. Prepayments, accrualsDetails of prepaymentsHUF millionDescription 2011 2012Interest receivable 5,489 4,999Deferred income of joint operations 503 0Other deferred income 713 779Accrued income 6,705 5,778Mining royalty 6,759 5,327Deferred loss on MOL shares lent 5,081 5,081Prepaid rent and lease fee 1,843 1,745Issue of long-term zero coupon bonds 1,806 1,341Other 450 821Prepaid costs and expenses 15,939 14,315Total: 22,644 20,093Details of accrualsDescription 2011 2012HUF millionDeferred revenues 274 472Deferred revenues 274 472Interest payable 13,725 14,211Accrued personnel expenses 4,168 4,702Other accrued costs and expenses 322 393Accrued costs and expenses 18,215 19,306Received compensation for cost of redeemed production well andcable, caused by motorway constructions2,861 2,246Received development subsidy, grant 107 333Badwill related to acquisition 315 0Other 312 325Deferred income 3,595 2,904Total: 22,084 22,68252

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 201224. Changes in equityDescriptionSharecapitalSharepremiumRetainedearningsTied-upreserveValuationreserveHUF millionNet income Shareholders’equityBalance as of01.01.2011104,519 223,866 1,151,167 152,916 0 103,195 1,735,663Transfer of net income ofprevious year 0 0 103,195 0 0 (103,195) 0Profit adjustments toprevious years 0 0 5,171 0 0 0 5,1712011 profit after tax 0 0 0 0 0 149,892 149,892Dividend payable 0 0 0 0 0 (45,000) (45,000)Decrease in retainedearnings (additionalcontribution) 0 0 (1,100) 0 0 0 (1,100)Change of tied-upreserve 0 0 48,529 (48,529) 0 0 0Valuation reserve of fairvaluation 0 0 0 0 2,470 0 2,470Balance as of31.12.2011 104,519 223,866 1,306,962 104,387 2,470 104,892 1,847,096Transfer of net income ofprevious year 0 0 104,892 0 0 (104,892) 0Profit adjustments toprevious years 0 0 287 0 0 0 2872012 profit after tax 0 0 0 0 0 55,241 55,241Dividend payable 0 0 0 0 0 0 0Decrease in retainedearnings (additionalcontribution) 0 0 (3,780) 0 0 0 (3,780)Change of tied-upreserve 0 0 6,165 (6,165) 0 0 0Valuation reserve of fairvaluation 0 0 0 0 668 0 668Balance as of31.12.2012 104,519 223,866 1,414,526 98,222 3,138 55,241 1,899,51225. Breakdown of the tied up reserveHUF millionDescription 2011 2012 ChangeBook value of treasury shares 89,003 85,798 (3,205)Research and development, not yet written off 2,412 3,947 1,535Development reserve 500 1,000 500Other tied-up reserves* 12,472 7,477 (4,995)Total tied-up items 104,387 98,222 (6,165)* The Company recognised tied-up reserve in an amount corresponding to the capitalised field abandonmentprovision included in the closing balance of property, plant and equipment (see Note 3.4.6. for further details).53

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 201226. ProvisionsProvisions for contingent liabilities2011 2012HUF millionDescriptionProvisions for fieldabandonmentProvisions recognisedon pending payablemining royalty**Provisions forenvironmentalliabilities***Provisions forlitigation, liabilitiesProvisions foremission rightsProvisions forretirement liabilitiesProvisions for loyaltybonusProvisions forseverance paymentand termination ofcommon agreedemploymentOpeningbalanceUse ofprovisionsProvisionrecognisedagainstprofitProvisioncapitalisedagainst fixedassetsClosingbalanceUse ofprovisionsProvisionrecognisedagainstprofitProvisioncapitalisedagainst fixedassets*Closingbalance100,102 5,458 5,552 4,258 104,454 8,498 6,242 (1,012) 101,1867,201 2 2,017 - 9,216 0 1,914 - 11,13011,518 1,610 807 - 10,715 1,127 1,459 - 11,0474,843 348 3,964 - 8,459 62 1,510 - 9,9076,080 2,605 0 - 3,475 599 0 - 2,8762,570 234 378 - 2,714 214 320 - 2,8201,951 220 1,164 - 2,895 399 318 - 2,8140 0 0 - 0 0 1,403 - 1,403Other provisions 3,016 1,246 243 - 2,013 771 221 - 1,463Total provisions forcontingent137,281 11,723 14,125 4,258 143,941 11,670 13,387 (1,012) 144,646liabilities:* See Note 3.4.6.** Due to mining royalty classification change.*** The environmental expenses recognised were HUF 1,822 million in 2011 and HUF 1,851 million in 2012.54

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 201227. Long-term liabilitiesDetails of long-term liabilities by maturityHUF millionLong-termBalance sheet item 2011 Within a yearBetween oneand five yearsOver five years TotalLiabilities from bond issue 5,051 244,347 233,348 477,695Liabilities from other long-term loans 71,784 110,263 24,088 134,351Long-term liabilities to related parties 1 1 0 1Other long-term liabilities 0 450 19 469Total: 76,836 355,061 257,455 612,516HUF millionLong-termBalance sheet item 2012 Within a year Between oneand five yearsOver five years TotalLiabilities from bond issue 0 447,935 0 447,935Liabilities from other long-term loans 29,862 70,282 13,857 84,139Long-term liabilities to related parties* 0 1 108,808 108,809Other long-term liabilities 0 302 0 302Total: 29,862 518,520 122,665 641,185* The long-term value contains the liability of subsidiary loan received.The Company does not have any liabilities secured with a mortgage or similar rights.28. Liabilities, where the repayable amount exceeds the amount receivedDescriptionAmountreceived EURAmount repayableEUR HUF millionMaturityLong-term liabilities from bond issue 746,707,500 750,000,000 218,467.5 05.10.2015Long-term liabilities from bond issue 743,977,500 750,000,000 218,467.5 20.04.2017Apart from the EUR 750 million Eurobonds with fix 3.875 % interest p.a., issued on 5 October 2005, the Companyissued another EUR 750 million Eurobond with 5.875 % fixed interest rate p.a. on 20 April 2010. The bonds are inthe denomination of EUR 50,000 each. The notes were offered as part of a private placement in both cases andare listed on the Luxembourg Stock Exchange.55

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012Bonds issued at par valueDescriptionAmount receivedHUF millionAmount repayableHUF millionMaturityLong-term liabilities from bond issue 11,000 11,000 18.04.2014In the framework of the MOL Bond Scheme 2010-2011, MOL issued bonds of HUF 11,000,000,000 total face valueon 18 April 2011. The bonds were listed on Budapest Stock Exchange. The face value of each bond is HUF10,000, the duration is 3 years and the interest rate is fixed 7 % p.a..29. Short-term loans, creditsThe Company does not have short-term loans in 2012. The value of short-term liabilities from bond issue amountedto HUF 5,051 million in 2011.The closing balance of short-term credits amounts to HUF 30,241 million as at 31.12.2012 and HUF 71,784 millionin the previous year.30. Breakdown of short-term liabilities to related partiesHUF millionDescription 2011 2012Liabilities to subsidiaries 115,683 70,566Suppliers 43,672 36,129Short-term loans 48,541 30,698Other liabilities 23,470 3,739Liabilities to joint ventures 4,274 3,841Suppliers 4,028 3,841Other liabilities 246 0Liabilities to associated companies 5,054 3,920Suppliers 5,054 3,920Total: 125,011 78,32731. Other short-term liabilitiesHUF millionDescription 2011 2012Tax and contribution liabilities 58,233 48,204Of which: VAT 34,142 33,602Excise duty 16,863 12,253Energy companies’ extra tax 3,556 1,259Liabilities to employees 1,906 2,291Liabilities from joint operation 964 2,21356

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012Description 2011 2012Liabilities to the social security system 1,183 1,722Settlements with Magyar Szénhidrogén Készletező Szövetség 1,030 909Liabilities from filling station cards and services 682 828Deposit, forfeit money 274 408Liabilities to shareholders 45,356 316Of which: Dividend payable 45,127 94Advances related to the sale of investments 3,300 284Other other short-term liabilities 979 374Total: 113,907 57,54932. Net sales revenues by market segmentsMarket segment,region2011 2012HUF millionProduct Service Total Product Service TotalEuropean Union 440,306 12,374 452,680 499,849 3,792 503,641Other Europe 93,532 512 94,044 101,695 717 102,412Outside Europe 2,684 673 3,357 2,351 855 3,206Export total 536,522 13,559 550,081 603,895 5,364 609,259Total domestic 1,857,989 32,178 1,890,167 1,892,433 27,827 1,920,260Total 2,394,511 45,737 2,440,248 2,496,328 33,191 2,529,51933. Net sales revenues by core activitiesFrom the balance of net sales revenue HUF 2,362,016 million, HUF 145,998 million and HUF 21,505 millionrepresents the Refining & Marketing, Exploration and Production and Management Services, respectively. Theexcise duty amounts to HUF 429,708 million from the sales revenue of Refining & Marketing, Energy.34. Import purchase by market segmentMarket segment,region2011 2012HUF millionProduct Service Total Product Service TotalEuropean Union 304,490 21,684 326,174 251,788 8,700 260,488Other Europe 549,453 2,679 552,132 586,642 1,805 588,447Outside Europe 291,411 1,002 292,413 320,409 1,021 321,430Total import 1,145,354 25,365 1,170,719 1,158,839 11,526 1,170,365The table does not contain performed but non-invoiced deliveries.57

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 201235. Other operating income and expensesHUF millionOther operating income 2011 2012Provision used 11,723 11,670Of which: Release of field abandonment provision 5,458 8,498Release of environmental provision 1,610 1,127Release of CO 2 emission rights provision (surplus emission) 2,605 599Reversal of deferred income concerning emission rights received free ofcharge6,206 4,152Surplus inventory 2,997 3,161Derecognition of impairment on receivables* 79,186 2,691Reversal of impairment of tangible assets 3,867 1,730Receivables sold 1,247 1,464Concession rights sold 0 1,302Received penalty, fine, default interest and compensation 6,674 1,276Incomes from the sale of intangibles and property, plant and equipment 243 757Write off of badwill arisen from acquisitions 2,017 315Other 625 900Total other operating income 114,785 29,418* Derecognition of impairment on loans given to related parties due to repayment amounts to HUF 72,358 million in2011.58HUF millionOther operating expenses 2011 2012Excise duty 321,369 319,169Tax and duties paid to Government 38,438 43,453Of which: Energy companies’ extra tax 28,561 29,820Local business tax 8,819 9,496Provisions recognised 13,895 13,387Of which: Provision recognised for field abandonment 5,552 6,242Provisions recognised for litigations 3,964 1,510Provision recognised for environmental obligations 807 1,459Provision recognised for severance payment and contributions 0 1,403Fee to the Magyar Szénhidrogén Készletező Szövetség 13,358 12,392Impairment* 45,385 9,392Use of emission rights 6,380 4,349Recognised impairment 6,306 3,186Depreciation, scrapping and shortage of stocks 2,144 2,595Book value of receivables sold 1,239 1,471Grants and benefits 529 928Paid penalty, fine, default interest and compensation 769 657

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012Other operating expenses 2011 2012Net book value of intangible assets and property, plant and equipmentsold133 301Other 811 1,796Other operating expenses 450,756 413,076* HUF 41,170 million impairment was recognised on goodwill of IES S.p.A. in 2011.36. Other financial income and expensesHUF millionOther financial income 2011 2012FX gain on monetary assets and liabilities denominated in foreigncurrency222,086 82,549Of which: Realised FX gain on cash and cash equivalents 67,464 30,982Realised FX gain of trade payables denominated in foreigncurrencyRealised FX gain of loans and borrowings denominated inforeign currencyRealised FX gain of trade receivables denominated in foreigncurrencyRealised FX gain of other payables denominated in foreigncurrencyRealised FX gain of other receivables denominated in foreigncurrency21,511 29,35225,466 10,95117,009 8,572509 1,7795,591 913Unrealised FX gain at year-end valuation 84,536 0Gain on non-hedge-type derivative transactions 29,595 49,056FX gain realised on sold treasury shares 13,295 2,567Loss given to the partner due to joint operation 548 1,105Other, not specified financial income 1,237 2,121Total other financial income 266,761 137,39859

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012HUF millionOther financial expenses 2011 2012FX loss on monetary assets and liabilities denominated in foreigncurrency117,700 154,173Of which: Realised FX loss on cash and cash equivalents 47,715 40,187Realised FX loss on loans and borrowings denominated inforeign currency20,060 26,856Realised FX loss on suppliers denominated in foreigncurrency36,831 16,298Realised FX loss on trade receivables denominated inforeign currency7,933 13,363Realised FX loss on other receivables denominated inforeign currency3,991 904Realised FX loss on other payables denominated in foreigncurrency1,170 349Not realised FX gain summarised year-end 0 56,216Loss on non-hedge-type derivative transactions 170,760 58,268Loss taken over due to joint operation 6,940 10,043Other, not specified financial expenses 2 9Total other financial expenses 295,402 222,49337. Extraordinary revenues and expensesHUF millionExtraordinary revenues 2011 2012Extraordinary revenues related to investments 405 1,081Non-repayable cash received 426 409Extraordinary revenues from assets received free of charge 43 42Contribution in kind value determined by the Articles of Association* 141,739 0Other extraordinary revenues 75 64Total extraordinary revenues 142,688 1,596HUF millionExtraordinary expenses 2011 2012Released receivables 1,322 2,061Extraordinary expenses related to investments 368 1,240Final transfer of cash and cash equivalents 280 648Book value and non-deductible VAT of assets given free of charge 28 176Book value of contribution in kind* 121,384 0Total extraordinary expenses 123,382 4,125* Items in connection with MOL CIS Ltd., USI Ltd., Greentrade Ltd. and SHM Seven Investments Ltd. in kindcontribution.60

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 201238. Grant received for development purposesDuring the year HUF 16 million has been spent from the grant for development purposes received on the 1stJanuary 2012 which amounted to HUF 22 million. The remaining amount is HUF 6 million.39. Revenues from related partiesDescription 2011 2012HUF millionNet revenues from related parties 696,639 785,776Net revenues from subsidiaries 679,895 779,568Net revenues from joint ventures 16,087 5,535Net revenues from associated companies 649 672Net revenues from other related companies 8 1Other revenues from related parties 75,736 4,881Other revenues from subsidiaries 75,677 4,860Other revenues from joint ventures 59 21Financial income from related parties 314,991 111,435Financial income from subsidiaries 283,540 96,915Financial income from joint ventures 2,000 1,177Financial income from associated companies 6,582 8,257Financial income from other related companies 22,869 5,086Extraordinary income from related parties 142,143 1,081Extraordinary income from subsidiaries 142,020* 1,000Extraordinary income from joint ventures 123 81* Includes the income resulted from in kind contribution of MOL CIS Ltd., USI Ltd., Greentrade Ltd. and SHM SevenInvestments Ltd..40. Permanent establishment abroadMOL Plc. owns permanent establishment in Slovakia. The name of permanent establishment is MOL Hungarian Oiland Gas Public Limited Company MOL Plc., address: Vlčie hrdlo 1, 82107 Bratislava, Slovak Republic.MOL concluded an agreement with CM European Power Slovakia s.r.o. for engineering and construction activities;during the implementation in Bratislava the current thermal plant will be modernised and its capacity will beincreased. The permanent establishment as a part of MOL Plc. is presented within the Company’s balance sheetand income statement. MOL Plc's corporate income tax base has been adjusted with the tax based on thepermanent establishment.The total value of short-term liabilities amounts to HUF 380 million as at 31 December 2012 related to permanentestablishment abroad. From this balance the supplier liability is HUF 366 million. Other receivables values at HUF10 million, which includes the recoverable prepaid profit tax liability.The net income of 2012 is HUF 366 million, and the payable tax liability after this result is HUF 33 million.61

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 201241. Tax liabilitiesCorporate tax baseHUF millionTitles 2011 2012Profit before taxation 150,715 61,258Temporary tax base adjustments:Not realised FX difference of financial assets not covered by hedgesand long-term liabilities(78,910) 18,618Tax base adjustment of depreciation 5,975 7,159Tax base adjustment of impairment and reversal based on marketvaluation41,192 6,047Tax base adjustment of provisions made and used 2,172 1,717Tax base adjustment of impairment (76,613) (1,519)Other tax base adjustments:Accounted amount as decrease of book value of received sharesbased on beneficiary share swap, derecognition of book value in thecurrent tax year0 19,672Tax base adjustments of non-repayable grants and benefits given 839 1,753Accounted costs and expenses not relating to business activities 1,580 987Other tax base adjustment 669 261Tax base adjustment of the sale, contribution in kind, destruction orshortage of intangible assets and property, plant and equipmentRealised FX gain on cancelled investment based on beneficiaryshare swap(1,677) 61(41,807) 0Non-repayable grants received as revenue (404) (355)50 % of received royalty revenues (317) (434)Development reserve (500) (500)100 % of research and development costs (1,323) (1,412)Deferred loss from previous years 0 (28,133)Dividend received (94,322) (56,791)Tax base of the permanent establishment 468 (366)Tax base of interest income abroad 0 0Tax base (92,263) 28,02362

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012Variance of the corporate taxHUF millionDescription 2011 2012 ChangeProfit before taxation 150,715 61,258 (89,457)Tax base increasing items 196,258 121,141 (75,117)Tax base decreasing items (439,704) (154,010) 285,694Tax base of permanent establishment 468 (366) (834)Change of tax base (92,263) 28,023 120,286Calculated tax 0 5,279 5,279Tax credit 0 (495) (495)Corporate tax 0 4,784 4,784The tax payable in the P&L of 2012 include HUF 1,161 million temporary surplus tax and HUF 72 million separatelypaid profit tax apart from the current year corporate tax. The temporary surplus tax was HUF 823 million in 2011.42. Material errors of the previous years and their impactBalance SheetOriginal amountsof previous year(2011)Adjustments of current yearuntil 2010 2011 TotalHUF millionAdjusted amountsof previous yearNON-CURRENT ASSETS 2,165,427 317 (186) 131 2,165,558Intangible assets 27,456 278 4 282 27,738Property, plant and equipment 300,240 39 (190) (151) 300,089Non-current financial assets 1,837,731 0 0 0 1,837,731CURRENT ASSETS 980,406 (296) 434 138 980,544Inventories 194,629 (344) (49) (393) 194,236Receivables 497,493 48 483 531 498,024Securities 89,095 0 0 0 89,095Cash and cash equivalents 199,189 0 0 0 199,189PREPAYMENTS 22,644 0 0 0 22,644TOTAL ASSETS 3,168,477 21 248 269 3,168,746SHAREHOLDERS’ EQUITY 1,847,096 335 (48) 287 1,847,383Share capital 104,519 0 0 0 104,519Share premium 223,866 0 0 0 223,866Retained earnings 1,306,962 0 0 0 1,306,962Tied-up reserve 104,387 0 0 0 104,387Valuation reserve 2,470 0 0 0 2,470Net income for the period 104,892 335 (48) 287 105,179PROVISIONS 143,941 0 0 0 143,941Years63

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012Balance SheetOriginal amountsof previous year(2011)Adjustments of current yearuntil 2010 2011 TotalYearsAdjusted amountsof previous yearLIABILITIES 1,155,356 (325) 287 (38) 1,155,318Long-term liabilities 612,516 0 0 0 612,516Short-term liabilities 542,840 (325) 287 (38) 542,802ACCRUALS 22,084 11 9 20 22,104TOTAL SHAREHOLDERS’ EQUITYAND LIABILITIES3,168,477 21 248 269 3,168,746HUF millionAdjustments of current yearIncome statement until 2010 2011 TotalYearsNet sales revenue 65 125 190Own performance capitalized 305 0 305Other income 22 51 73Material-type expenses 226 283 509Personnel-type expenses 11 98 109Depreciation 462 200 662Other expenses (113) (34) (147)PROFIT OR LOSS OF OPERATING ACTIVITIES (194) (371) (565)FINANCIAL PROFIT OR LOSS (1) 18 17ORDINARY BUSINESS PROFIT (195) (353) (548)EXTRAORDINARY PROFIT OR LOSS 0 0 0PROFIT BEFORE TAXATION (195) (353) (548)Income tax (530) (305) (835)PROFIT AFTER TAXATION 335 (48) 287NET INCOME FOR THE PERIOD 335 (48) 28764

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 201243. EmployeesStaff categoriesAveragestatisticalstaff(persons)2011 2012PersonneltypeAveragestatisticalexpenses staff(HUF million) (persons)Wages andsalaries(HUFmillion)Wages andsalaries(HUFmillion)HUF millionPersonneltypeexpenses(HUF million)Full-time employees 5,333 35,605 5,898 5,378 38,325 5,539- blue-collar 2,501 10,750 2,399 2,466 11,539 2,138- white-collar 2,832 24,855 3,499 2,912 26,786 3,401Other 73 1,450 196 90 1,491 437Total: 5,406 37,055 6,094 5,468 39,816 5,97644. Board of Directors, Supervisory Board and top managementRemuneration paid to members of Board of Directors and Supervisory BoardDescriptionBoard ofDirectors2011 2012SupervisoryBoardTotalBoard ofDirectorsSupervisoryBoardHUF millionHonorarium 117 83 200 130 92 222TotalShares held by the members of the Board of Directors and Supervisory BoardDescriptionNumber of shares held2011 2012Board of Directors 239,574 229,443Supervisory Board 63,300 54,588Total: 302,874 284,031Loans given to the members of the Board of Directors and Supervisory BoardMOL Plc. did not provide any loans, advances or guaranties to its responsible executive officers in 2011 and 2012and has no pension liabilities to its former responsible executive officers either.65

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 201245. Commitments and contingent liabilitiesCapital and contractual commitmentsThe total value of capital commitments as of 31 December 2012 was HUF 5,698 million. Capital commitmentsrelate to obligations to purchase of tangible and intangible assets.Gas Purchases Obligation, Take or Pay ContractMOL Plc. has concluded a long-term gas purchase contract with MET Zrt. in order to ensure the continuous naturalgas supply of the Group's plants. According to the agreement, contracted volumes have been set for each year forthe period ending in 2015 but the volumes for the actual period are subject to annual renegotiation with thesupplier. The major part of the renegotiated yearly contracted volumes are under take-or-pay commitment (140mcm as of 31 December 2012).Operating lease liabilitiesAt the end of 2012 the operative lease liability of the Company amounts to HUF 23 million. From this amount, theliability within a year amounts to HUF 15 million, while the remaining part is due within 2-5 years.In 2011, the operative lease liability amounted to HUF 40 million. The total value was divided in the portion of 50-50% between mature within a year and within 2-5 years.GuaranteesForm of liability Currency AmountComfort letter EUR 3,000,000Guarantee USD 158,000,000Guarantee EUR 39,494,689Guarantee HRK 12,000,000Guarantee HUF 1,820,000,000Parent company guarantee USD 1,675,509,739Parent company guarantee EUR 91,739,115Parent company guarantee CZK 940,000,000Parent company guarantee RON 41,107,036Parent company guarantee PLN 85,000,000The Company has given comfort letter with guarantees without any limit for MOL Commodity Trading Kft. andPanfora Oil&Gas s.r.l. subsidiaries.Emission rights (CO 2 allowances) futuresThe off balance sheet item liability of emission rights is EUR 716,737 as of 31 December 2012.66

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 201246. Effect of fair valuationFair valuation differences in assets and liabilities subject to fair valuationDescriptionOption for MOLshares2011ClosingbalanceChangesofhistoricalvalueCash flowExerciseoptionP & L impactsRevenuesfromfinancialtransactionsExpensesof financialtransactionsEquityimpactHUF million2012Closingbalance11,140 1,533 (5,182) 5,182 2,652 0 10,021Share swap 0 0 0 346 0 0 346CommoditytransactionNon-hedgederivativetransactionsPositive valuationdifference of CashflowhedgesPositive valuationdifference ofderivativetransactionsLiabilities from SwapAgreementFair valuationdifference of otherlong-term liabilitiesOption for MOLshares626 0 0 0 190 0 43611,766 1,533 (5,182) 5,528 2,842 0 10,8037,927 0 0 0 0 (719) 7,20819,693 1,533 (5,182) 5,528 2,842 (719) 18,01113,668 (7,591) 0 0 12,872 0 18,94913,668 (7,591) 0 0 12,872 0 18,94963,984 (17,359) 14,012 34,202 30,551 0 28,962Share swap 4,585 0 0 4,585 0 0 0CommoditytransactionNon-hedgederivativetransactionsNegative valuationdifference of CashflowhedgesNegative valuationdifference ofderivativetransactions280 0 0 0 82 0 36268,849 (17,359) 14,012 38,787 30,633 0 29,3245,457 0 0 0 0 (1,387) 4,07087,974 (24,950) 14,012 38,787 43,505 (1,387) 52,34367

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012Financial instruments subject to fair valuationDescriptionPurchasevalueValuationdifferenceHUF millionFair valueOption for MOL shares 146,761 (136,740) 10,021Share swap 0 346 346Commodity transaction 0 436 436Non-hedge derivative transactions 146,761 (135,958) 10,803Positive valuation difference of Cash-flow hedges 0 7,208 7,208Positive valuation difference of derivative transactions 146,761 (128,750) 18,011Liabilities from Swap Agreement (11,517) 30,466 18,949Other long-term liabilities (11,517) 30,466 18,949Option for MOL shares 0 28,962 28,962Commodity transaction 0 362 362Non-hedge derivative transactions 0 29,324 29,324Negative valuation difference of Cash-flow hedges 0 4,070 4,070Negative valuation difference of derivative transactions (11,517) 63,860 52,343Open derivatives on the balance sheet dateHUF millionDescriptionSubject oftransactionTransactionvalue /volumeResult notsettled*Expected effecton cash flowOption for MOL sharesCall and putoption to MOLshares16,458,338 pc (20,971) (168,915)Share swap MOL share swap 5,010,501 pc 4,932 0Liability from Swap Agreement - (12,872) 0Commodity transactionCommodity pricehedging- (272) 0Non-hedge derivativetransactions- (29,183) (168,915)Total derivative transactions - (29,183) (168,915)Effectiveness of hedgesDescriptionHedgingeffectivenesy(%)P & LAmountEquityHUF millionCash-flow hedges 100 1,188 3,13868

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012Derivative transactions closed in the current yearDescriptionOption for MOL shareOption for MOL shareFX transactionsSubject oftransactionCall and put option toMOL sharesCall and put option toMOL sharesExchange ratehedgingResultssettledfinanciallyCurrent yearResults notsettledfinancially*Total effecton profitHUF millionEffect oncashflow12,578 0 12,578 5,18214,573 0 14,573 (14,012)0 0 0 0Commodity transactionCommodity price riskhedge6,024 (301) 5,723 5,723Non-hedge derivativetransactions33,175 (301) 32,874 (3,107)Total derivative transactions 33,175 (301) 32,874 (3,107)* Result not settled financially includes result of deals which are closed until the balance sheet preparation date butthe financial settlement will be after that date. Corresponding receivables and liabilities are presented within theother receivables and other short-term liabilities.Profit effect of derivative transactions in the current yearHUF millionDescriptionResults settled in thecurrent yearResult not settled Total profit effectOpen derivative transactions 0 (29,183) (29,183)Closed derivative transactions 33,175 (301) 32,874Total 33,175 (29,484) 3,691Of which: Other financial income 49,056Other financial expense (45,365)47. MOL Plc.'s securities offered as security deposit on 31 December 2012On 31 December 2012, MOL Plc. did not have any shares placed as a security deposit.48. Events after the preparation of balance sheetThe option rights regarding 3,561,053 pieces of MOL Series “A” Ordinary shares (“Shares”) under the share optionagreement concluded between UniCredit Bank AG (UniCredit) and MOL on 7 February 2012, were cash settled inrespect of all the Shares on 13 February 2013.MOL and UniCredit concluded a share purchase agreement in respect of 519,443 Shares and share optionagreements in respect of 4,080,496 Shares. As a result of these transactions, MOL receives American call optionsand UniCredit receives European put options regarding 4,080,496 number of Shares on 13 February 2013. Thematurity of both the call and the put options is 1 year, such maturity being subject to yearly extensions with oneyear, up to a total tenor of 3 years. The strike price of both the call and put options is EUR 61.26705 per on Share.69

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 201249. Licensed electricity trading activity (not audited)In order to achieve the Company’s aims, MOL Plc. has started electricity trading activity and connected services on1 March 2011 in line with legal environment. The Company mainly concentrates on fulfilling the electrical energyrequirements of MOL-group utilizing the synergies of purchases and other electricity trading activities.The electricity trading activity of MOL Plc. is in effect under Act LXXXVI of 2007 on Electricity (hereafter “Vet.”). Onthe basis of Vet., the Company is classified as horizontally integrated electricity enterprise, therefore is obliged topresent the licensed activity in the Supplementary Notes as an independent activity.The presentation of the equity and financial position of the licensed electricity trading activity based on thecompany’s internal regulation prepared as “Regulation on Accounting Separation of Electricity Trading Activity”.The separation methodology of MOL Plc.’s licensed activity conforms with law and legal rules, as well as theaccounting rules and controlling principles of the Company.The licensed activity reports include the Balance Sheet (“A” version) and Profit and Loss account with total costmethod (“A” version) as presented in appendix of theAccounting Act.The year-ended Annual Report is prepared on the basis of actual data (actual naturals, actual comparison basis).Principles of activity separation based on law:- principle of completeness- principle of transparency and simplicity principle- principle of going constancy- principle of continuity- principle of consistency- principle of matching- principle of cost-benefitThe activity separation based on artificial separation method does not provide a totally balanced Balance Sheet.That is the reason why the required balance between assets and liabilities prescribed by accounting law providedby a technical balancing line on the liability side of Balance Sheet.Principles of activity separation on the basis of business rationality- The purchased and consumed electrical energy are presented in the Profit and Loss account among incomesand expenditures as purchased for trading, or rather sold to third parties by the Company.- The services used at MOL Plc. are presented as services provided by third parties and these internal transferaccounts are recorded in the appropriate P&L lines, The amounts recorded in the proper P&L account equalsthe value of recorded internal performance accounted in the internal accounting system of MOL Plc..The Company prepares the activity separation annually for the whole reporting period. The itemised revision andthe separation of expenditures and assets are not prepared on monthly basis.Method of separation:The regulation of separation and the method are established by principles mentioned below. During the elaborationof detailed separation rules, the possibilities of the applied accounting system (SAP) in MOL Plc. and the principleof cost-benefit were taken into account.1. Directly related Cost centres/Profit centres of the licensed electricity trading activityCost centres/Profit centres related directly to the licensed activity shall be recorded directly. In the course ofseparation the main goal is to account the significant part of assets, liabilities, incomes and costs/expendituresreported directly as licensed activity. The direct items shall be maximised with proper assignment of costsobject and the indirect ones shall be minimised.2. Indirectly related Cost centres/Profit centres of the licensed electricity trading activity70

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012Separation of indirect items is prepared by appropriate determined comparison method. Assets, liabilities,incomes and costs, expenditures not related directly to the licensed activity shall be separated on the basis ofappropriate determined comparison method or itemised examination. If the internal service item is appropriateto licensed activity in connection of items separable, the procedure of that shall be applied.3. Non-related Cost centres/Profit centres of the licensed electricity trading activityBased on the activity and organisation structure of the Company, there are some assets, liabilities, incomes andcosts, expenditures not related to the licensed activity at all. These shall be left out of consideration during theseparation process.71

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012Licensed electricity trading activity (not audited)Balance Sheet, asset sideCodeDescription01.03.2011 –31.12.2011data in HUF millionA. NON-CURRENT ASSETS 67 9I. INTANGIBLE ASSETS 11 01. Capitalised cost of foundation and restructuring 0 02. Capitalised research and development cost 0 03. Property rights 11 04. Intellectual property 0 05. Goodwill 0 06. Advances on intellectual property 0 07. Revaluation of intangible assets 0 0II. PROPERTY, PLANT AND EQUIPMENT 5 91. Land and building and related property rights 0 02. Plant, machinery and vehicles 0 03. Other equipment, fixtures and vehicles 0 04. Livestock 0 05. Assets under construction 5 96. Advances on assets under construction 0 07. Revaluation of property, plant and equipment 0 0III. NON-CURRENT FINANCIAL INVESTMENTS 51 01. Long-term investments 51 02. Long-term loans to related parties 0 03. Other long-term investments 0 04. Long-term loans to other investments 0 05. Other long-term loans 0 06. Long-term debt securities 0 07. Revaluation of financial investments 0 08. Fair valuation difference of financial investments 0 0201272

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012Licensed electricity trading activity (not audited)Balance Sheet, asset sidedata in HUF millionCodeDescription01.03.2011 –31.12.20112012B. CURRENT ASSETS 3,830 3,172I. INVENTORIES 0 01. Raw materials and consumables 0 02. Unfinished production and semi-finished products 0 03. Grown, fattened and other livestock 0 04. Finished products 0 05. Merchandises 0 06. Advances on stocks 0 0II. RECEIVABLES 3,663 3,1721. Receivables from the supply of goods and services (customers) 2 712. Receivables from related parties 2,892 9343. Receivables from other investments 0 04. Receivables from bills of exchange 0 05. Other receivables 769 2,1676. Fair valuation difference of receivables 0 07. Positive valuation difference of derivative transactions 0 0III. SECURITIES 0 01. Investments in related parties 0 02. Other investments 0 03. Treasury shares 0 04. Debt securities for trading purposes 0 05. Fair valuation difference of securities 0 0IV. CASH AND CASH EQUIVALENTS 167 01. Cash and cheques 0 02. Bank accounts 167 0C. PREPAYMENTS 0 01. Accrued income 0 02. Prepaid cost and expenses 0 03. Deferred expenses 0 0TOTAL ASSETS 3,897 3,18173

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012Licensed electricity trading activity (not audited)Balance Sheet, liability sideCodeDescription01.03.2011 –31.12.2011data in HUF millionD. SHAREHOLDERS’ EQUITY 839 34I. SHARE CAPITAL 57 3II. Of which: treasury shares at nominal value 0 0III. REGISTERED BUT UNPAID CAPITAL (-) 0 6IV. SHARE PREMIUM 86 393V. RETAINED EARNINGS 0 3VI. TIED-UP RESERVE 0 01. VALUATION RESERVE 0 02. Revaluation adjustment reserve 0 0VII. Fair valuation reserve 393 164VIII. NET INCOME FOR THE PERIOD 303 (535)E. PROVISIONS 0 01. Provisions for expected liabilities 0 02. Provisions for future expenses 0 03. Other provisions 0 0F. LIABILITIES 2,993 2,954I. SUBORDINATED LIABILITIES 0 01. Subordinated liabilities to related parties 0 02. Subordinated liabilities to other investment 0 03. Subordinated liabilities to third parties 0 0II. LONG-TERM LIABILITIES 0 01. Long-term loans 0 02. Convertible bonds 0 03. Liability from bond issue 0 04. Liabilities from capital investment and development loans 0 05. Liabilities from other long-term loans 0 06. Long-term liabilities to related parties 0 07. Long-term liabilities to other investments 0 08. Other long-term liabilities 0 0201274

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012Licensed electricity trading activity (not audited)Balance Sheet, liability sideCodeDescription01.03.2011 –31.12.2011data in HUF millionIII. SHORT-TERM LIABILITIES 2,993 2,9541. Short-term borrowings 0 0Of which: convertible bonds 0 02. Short-term loans 0 03. Advances from customers 0 04. Liabilities from the supply of goods and services (suppliers) 2,236 2,4845. Bills of exchange 0 06. Short-term liabilities to related parties 274 307. Short-term liabilities to other investments 0 08. Other short-term liabilities 483 4409. Fair valuation difference of liabilities 0 010. Negative valuation difference of derivative transactions 0 0G. ACCRUALS 65 1931. Deferred revenues 0 02. Accrued cost and expenses 65 1933. Other deferred income 0 0TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 3,897 3,181201275

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012Licensed electricity trading activity (not audited)Profit and Loss AccountCodeDescription01.03.2011 –31.12.2011data in HUF million01. Net domestic sales revenue 23,102 25,94702. Net export sales revenue 0 0I. NET SALES REVENUES 23,102 25,94703. Changes in own produced inventory 0 004. Work performed by the enterprise and capitalised 0 0II. CAPITALISED OWN PERFORMANCE 0 0III. OTHER OPERATING INCOME 25 11of which: reversed impairment 0 005. Raw material costs 31 1506. Value of services used 43 5407. Other services 5 1608. Cost of goods sold 22,177 25,36009. Value of services sold (intermediated) 0 0IV. MATERIAL EXPENSES 22,256 25,44510. Wages and salaries 48 5011. Other personnel expenses 4 312. Tax and contributions 14 15V. PERSONNEL EXPENSES 66 68VI. DEPRECIATION 3 4VII. OTHER OPERATING EXPENSES 339 387of which: impairment 0 0A. PROFIT OR LOSS FROM OPERATING ACTIVITIES 463 54201276

MOL HUNGARIAN OIL AND GAS PUBLIC LIMITED COMPANYSupplementary Notes for the year ending on 31 December 2012Licensed electricity trading activity (not audited)Profit and Loss Accountdata in HUF millionCodeDescription01.03.2011 –31.12.2011201213. Received (due) dividend 0 0of which: received from related parties 0 014. Gain from the sale of investments 0 0of which: received from related parties 0 015. Interest and exchange rate gains on financial investments 0 0of which: received from related parties 0 016. Other received (due) interest and interest-type revenues 52 26of which: received from related parties 0 017. Other revenues of financial transactions 734 595of which: fair valuation difference 0 0VIII. TOTAL FINANCIAL INCOME 786 62118. Exchange rate loss on financial investments 0 0of which: to related parties 0 019. Interest and interest-type expenses 233 40of which: to related parties 0 020. Impairment on investments, securities, bank deposits 0 021. Other financial expenses 464 406of which: fair valuation difference 0 0IX. TOTAL FINANCIAL EXPENSES 697 446B. FINANCIAL PROFIT OR LOSS 89 175C. ORDINARY BUSINESS PROFIT 552 229X. Extraordinary revenues 0 0XI. Extraordinary expenses 13 4D. EXTRAORDINARY PROFIT OR LOSS (13) (4)E. PROFIT BEFORE TAXATION 539 225XII. Income tax 146 61F. PROFIT AFTER TAXATION 393 16422. Use of retained earnings for dividend 0 023. Approved dividend and profit share 0 0G. NET INCOME FOR THE PERIOD 393 16477